Faraday Future Shelves Nevada EV Factory

California-based electric car startup Faraday Future Inc. has again suspended plans to build a $1 billion assembly plant in North Las Vegas.

The struggling company did the same thing in November after its construction contractor threatened to stop work on the facility until it was paid.

The Faraday factory was announced in December 2015, targeting the debut of its first EV this year. But within months Nevada Treasurer Dan Schwartz, had branded the project a Ponzi scheme and declared, “There’s nothing there.”

The would-be carmaker showed off a prototype of its first EV, the 1,050-hp FF 91, at CES early last year. But a month later Faraday slashed its planned product lineup to two models from seven. Now it says it is looking for new investors—and an existing facility that could provide a “faster path” to production.

Faraday has been backed by Chinese internet tycoon Jia Yueting. He stepped down as CEO of LeEco (Leshi Internet Information & Technology Corp.) in May after admitting his company over-expanded and was running out of cash. Jia resigned all company posts last week but insists he still wants to launch an EV company. Faraday says it is looking for new investors.