Faraday scraps plans for Nevada plant

Faraday Future Plant Rendering

Five months ago, Faraday announced it was restarting construction of a production facility in North Las Vegas almost one year after company initially halted construction amid financial woes. That's the point at which most of the high priced talent that had flocked to the company started running for the exits. This is a spot on the face of the automobile maker's reputation.

The Verge reported Monday the Silicon Valley startup Faraday Future (FF) is in dire financial straits with mounting debts, unpaid bills, lawsuits, and financial mismanagement.

Self-driving auto startup Faraday Future will back away from plans to build a $1 billion assembly factory in Las Vegas amid continuing financial problems for the company. The company noted that they are significantly shifting their business strategy to position themselves as a leader in user-ship personal mobility, a vehicle usage model that it says reimagines the way users access mobility.

In a statement released this week, Faraday Future founder Jia Yueting said the automaker has elected to halt construction of the Nevada facility and begin looking for an alternative production site that will allow its 1,000 horsepower FF 91 to enter production sooner. The company added that it remains committed to the buildout of the site in North Las Vegas for long-term vehicle manufacturing and it believes North Las Vegas "is an ideal place" for the company. It is in fact anybody's lucky guess.

Instead, it is looking for an existing facility in Nevada or California where it can build its first auto. The original EV factory that was worth one billion dollars has been forsaken by Faraday Future for better or for worse.

However, when you read the small print, it seems that for all purposes, Faraday Future's dream team factory is defunct for now at least. "No company has had such an experience, a simultaneous time in ice and fire", he said. The question on everyone's lips is whether Faraday Future's electric vehicle FF91 will reach the production deadline as per plan. But after years of spending money like there was no tomorrow and promising vehicles on timetables it couldn't possibly meet, it appears that Faraday has finally gotten level-headed about its future.

Related News:

  • Trump on his 'impenetrable' cybersecurity unit with Putin: I didn't mean it

    Trump on his 'impenetrable' cybersecurity unit with Putin: I didn't mean it

    Trump also claimed to have "strongly pressed " Putin twice over the topic of Russian interference in the USA election. Trump said he had raised allegations of Russian interference in the 2016 USA presidential election with Putin.
    Simmons playing 5-on-5

    Simmons playing 5-on-5

    He's also talking like a player who's officially bought into what his head coach is selling with him at the one-guard spot. They traded up in the draft to land Fultz at No. 1, drawn by his ability to play off the ball alongside Simmons.
    Elon Musk Tweets Photos Of New Tesla Model 3, Production Underway

    Elon Musk Tweets Photos Of New Tesla Model 3, Production Underway

    That said , there are legitimate questions as to the level of testing and pre-production work done on the Model 3 . Interestingly, Tesla hasn't made any updates regarding Model 3 on its blog since April 6.
  • How a Google Home Device Accidentally Stopped a Domestic Dispute

    How a Google Home Device Accidentally Stopped a Domestic Dispute

    The woman seemed unaware that a 911 call was already made and the feature is not yet available on Amazon Echo devices. Deputies arrived on the scene and were able to extricate the woman and her daughter from the home, ABC News reported.
    Glacier White PlayStation 4 Pro Available In Destiny 2 Bundle

    Glacier White PlayStation 4 Pro Available In Destiny 2 Bundle

    Taken at face value, this bundle shows savings of right around $40 for anyone who was going to get all this stuff anyway . PlayStation 4 players will have access to bonus content before it's available on other platforms.
    California wildfires prompt thousands to evacuate, state of emergency

    California wildfires prompt thousands to evacuate, state of emergency

    A man covers his truck in fire retardant as smoke billows outside the town of Oroville, California . Forty-five fires are burning across the Western part of the US, according to the US Forest Service.
  • New Rules Will Give US Consumers Power to Sue Banks

    New Rules Will Give US Consumers Power to Sue Banks

    The CFPB did not share the final rule with him ahead of the announcement, according to an Office of the Comptroller of the Currency spokesman.

    USA dollar closes higher on Taipei forex

    Bond markets, hit hard by jitters about tighter central bank policies in the past two weeks, were stable on Monday. The ICE Dollar Index, which measures the dollar against a basket of six currencies, was 0.1% higher, at 96.13.
    International Olympic Committee  hesitates to help Rio de Janeiro with 2016 Summer Games debt

    International Olympic Committee hesitates to help Rio de Janeiro with 2016 Summer Games debt

    Budgett cautioned that only an interim form of the testing unit might be ready to operate at the Olympics in seven months' time. An ethics committee of the IOC in charge of investigating the Sochi Games should make its report in a few weeks.
  • France condemns Amarnath terror attack, assures strategic support to India

    France condemns Amarnath terror attack, assures strategic support to India

    Union Minister Venkaiah Naidu urged pilgrims to follow government advisory protocols to all pilgrims visiting Amarnath shrine. The bus had been delayed due to a flat tire, as a result of which it was traveling later than the advised times.
    Okla. Man Proposes To Girlfriend While Being Arrested, She Said 'Yes'

    Okla. Man Proposes To Girlfriend While Being Arrested, She Said 'Yes'

    The officers couldn't believe what was happening but made a decision to help Thompson during his big moment. Thompson said he is trying to turn his life around and told his mother he is "tired of running".

    AFP cool on 5 years of martial law

    Meanwhile, 1,722 civilians who were held hostage or trapped in the main battle were either rescued or brought out of harms way. These include leaders of the Maute group and Abu Sayyaf senior leader Isnilon Hapilon .


Most liked

Kellyanne Conway Feuds With CNN's Chris Cuomo: 'You're Trying to Go Viral'
He later submitted supplemental information reflecting numerous contacts with foreign officials. Kellyanne Conway went on the morning-show circuit Monday to defend Trump Jr.'s meeting.

GST Rate Finder App launched
GST Mobile application has been propelled to give the precise data about the expense rates under GSt (Goods and Services Tax). The app has been made available for Android platform and will soon be made available for iOS.

Amazon is unleashing a new service that should terrify Best Buy
The service is now only available in Seattle, Portland, San Francisco, San Diego, Los Angeles, Orange County and San Jose, CA. Geek Squad, with its mobile staff of technicians, was seen as an area that would be harder for Amazon to disrupt.

Unusual Volume Spotted in ClubCorp Holdings, Inc. (NYSE:MYCC) Stock
Apollo Global Management LLC , a private equity firm, has announced Sunday that it has agreed to acquire ClubCorp Holdings, Inc . It runs some 200 golf, country, business, sports and alumni clubs in 28 states, Washington D.C. and two foreign countries.