As a result of this shift in direction, we are in the process of identifying a manufacturing facility that presents a faster path to start-of-production and aligns with future strategic options.
Faraday Future's financial troubles are no secret.
Faraday Future FFZERO1 Concept vehicle at FF's pre-CES reveal event in Las Vegas on Monday, Jan. 4, 2016. Assets belonging to him and and his wide-ranging technology company, LeEco, have been frozen by courts in China and elsewhere in the face of unpaid loans.
Faraday announced plans to build the Nevada plant in late 2015 and broke ground early past year, but the ambitious project quickly ran into trouble.
Faraday halted work on the project outside Las Vegas last November, at the time calling the stoppage a "temporary adjustment" that wouldn't affect plans to begin production in 2018.
Faraday Future, the electric-vehicle start-up backed by former Leshi Internet Information and Technology Corp (LeEco, 樂視) chairman Jia Yueting (賈躍亭), halted plans to build a US$1 billion factory in Nevada as the troubled tycoon fights for the survival of his Chinese auto business.
Faraday Future has informed the Governor's Office of Economic Development (GOED) that it has put the construction of its factory in North Las Vegas on hold. It just so happens that Yueting is also Faraday Future's primary financial backer.
For Faraday, the shift in plans for one of its flagship initiatives is a significant step back for the company.
In other words, they're going to keep the land and would like to build on it sometime in the future (assuming the company has a future).
The original goal was to have the first Faraday Future FF91 roll out of the Nevada plant in 2019, a target that industry analysts called aggressive even if everything had come together smoothly. However, state officials won't take a loss on the deal thanks to its provisions protecting Nevada in case of problems from Faraday.
Nevada Treasurer Dan Schwartz had questioned Jia'S strategy of borrowing more funds to set up financing several new businesses, including the Faraday plant.