Faraday Future is seemed to be able to make amazing electric cars but not being able to handle the business of being a car manufacturer. Delays plagued the companies plan for a $1-billion Las Vegas production facility but now it’s confirmed that the plan has been scrapped completely. Thanks to hundreds of billions in frozen funds from parent company LeEco, Faraday now plans to build a smaller production facility which will have a significantly low number of workers than the initial 13,000.
“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,” Stefan Krause, Faraday Future’s chief financial officer told the Independent in a statement. “We at Faraday Future are significantly shifting our business strategy to position the company as the leader in user-ship personal mobility — a vehicle usage model that reimagines the way users access mobility. As a result of this shift in direction, we are in the final stages of confirming a new manufacturing facility that presents a faster path to start-of-production and aligns with future strategic options.” – Faraday Spokesperson
The company’s new idea is to move into a smaller existing production facility and hopefully unload cars from the assembly line by the end of the next year. As for the 940-acre plot of land Faraday was going to use for its factory, the company has done little more than move dirt and install some sewer infrastructure. More than that, the company’s Los Angeles offices are in dire financial straits as well. The Verge reports that Faraday is also in danger of missing payroll, which could lead to an exodus of the engineers that helped make recent Pike’s Peak record headlines possible.