It's been over two years since we first known about Faraday Future. At the time, the electric car startup was secretly operating but had already poached many big brands in the car industry. About six months later, FF announced it intentions to invest $1 billion in a Nevada factory. But financial issues escalated quickly and earlier this summer, FF suspended operations on the Nevada site. This week, FF finally gave up on the project.
Reports from Nevada Independent states that Faraday Future’s Nevada plant is officially dead. The startup sent a letter to the Governor’s Office of Economic Development giving up its privilege as a “qualified project.” That required FF to make a cheque of $16,200 and also forfeit about $620,000 in tax incentives that had been held in a trust.
“The Faraday project is basically dissolved at this point at absolutely no cost to the state and local governments,” said Steve Hill, executive director of Nevada’s GOED.
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| Faraday Future’s proposed factory in Hanford, California. |
But that does not totally means FF is absolutely done for good as it's been making efforts to raise more fund since May and recently last month, it leased a smaller factory in California to hopefully begin production on its absolute-electric FF91 in 2018. Whether or not that will still happens, though remains unknown.
As it obviously turns out, manufacturing cars from scratch is difficult and requires huge investment.
Source: The Nevada Independent