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The comedy of errors that is electric car startup Faraday Future continues. According to the Las Vegas Review-Journal, Faraday Future has stopped construction on its $1 billion production facility in North Las Vegas. The company in a statement the decision came down to a changing business strategy. “We have decided to put a hold on our factory at the Apex site in North Las Vegas. We remain committed to the Apex site in Las Vegas for long-term vehicle manufacturing.” Faraday goes on to say they are looking into purchasing an existing building either in California or Nevada. This would allow them to get production of their first vehicle, the FF 91 underway very quickly. For the time being, Faraday will keep the 930-acre site. This is only the latest in what seems to be a trend of bad news for Faraday Future. Within the past year, the company has been sued by suppliers for non-payment, employees not being paid, and various executives leaving. Source: Las Vegas Review-Journal, Faraday Future Press Release is on Page 2 “We at Faraday Future are significantly shifting our business strategy to position the company as the leader in usership personal mobility — a vehicle use model that reimagines the way users access mobility. 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. Accordingly, we have decided to put a hold on our factory at the Apex site in North Las Vegas. As the landowner, we remain committed to the buildout of the Apex site for long-term vehicle manufacturing and firmly believe North Las Vegas is an ideal place for us to be. We would like to thank our partners in Nevada for their continued support throughout this process: Governor Sandoval and his office of Economic Development, Clark County and Mayor John Lee and the North Las Vegas officials. More details on Faraday Future’s new strategy will be shared in the coming weeks.” View full article -
The comedy of errors that is electric car startup Faraday Future continues. According to the Las Vegas Review-Journal, Faraday Future has stopped construction on its $1 billion production facility in North Las Vegas. The company in a statement the decision came down to a changing business strategy. “We have decided to put a hold on our factory at the Apex site in North Las Vegas. We remain committed to the Apex site in Las Vegas for long-term vehicle manufacturing.” Faraday goes on to say they are looking into purchasing an existing building either in California or Nevada. This would allow them to get production of their first vehicle, the FF 91 underway very quickly. For the time being, Faraday will keep the 930-acre site. This is only the latest in what seems to be a trend of bad news for Faraday Future. Within the past year, the company has been sued by suppliers for non-payment, employees not being paid, and various executives leaving. Source: Las Vegas Review-Journal, Faraday Future Press Release is on Page 2 “We at Faraday Future are significantly shifting our business strategy to position the company as the leader in usership personal mobility — a vehicle use model that reimagines the way users access mobility. 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. Accordingly, we have decided to put a hold on our factory at the Apex site in North Las Vegas. As the landowner, we remain committed to the buildout of the Apex site for long-term vehicle manufacturing and firmly believe North Las Vegas is an ideal place for us to be. We would like to thank our partners in Nevada for their continued support throughout this process: Governor Sandoval and his office of Economic Development, Clark County and Mayor John Lee and the North Las Vegas officials. More details on Faraday Future’s new strategy will be shared in the coming weeks.”
