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Faraday Future Suspends Work on EV Plant in Nevada
California-based startup Faraday Future Inc. has suspended site work on its $1 billion electric-car factory in Nevada.
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California-based startup Faraday Future Inc. has suspended site work on its $1 billion electric-car factory in Nevada.
The shutdown comes as the company’s primary backer, Chinese media mogul Jia Yueting, struggles with his empire’s rapidly mounting financial woes.
The would-be carmaker was warned by its construction contractor in October that unpaid bills could prompt a work stoppage. On Tuesday, Nevada state Treasurer Dan Schwartz told Reuters the project “is a Ponzi scheme,” adding that “at some point, as with Bernie Madoff, the game ends.”
Faraday Future has lost several top executives in the past few months. Last week Jia conceded he expanded his empire too quickly and was running short of cash. On Tuesday he said LeEco’s parent, Leshi Internet Information & Technology Corp., had arranged $600 million in support from about a dozen Chinese investors.
The company says it aims to resume construction of the Nevada factory next year.
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