Mexican Media Brands
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.
#hybrid
Share
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.
RELATED CONTENT
-
On Military Trucks, Euro Car Sales, Mazda Drops and More
Did you know Mack is making military dump trucks from commercial vehicles or that Ford tied with Daimler in Euro vehicle sales or the Mazda6 is soon to be a thing of the past or Alexa can be more readily integrated or about Honda’s new EV strategy? All that and more are found here.
-
Honda to Make Hybrids in Thailand
Honda Motor Co. is preparing to launch production in Thailand of hybrid cars and the batteries that help power them.
-
What the VW ID. BUGGY Indicates
Volkswagen will be presenting a concept, the ID. BUGGY, a contemporary take on a dune buggy, based on the MEB electric platform that the company will be using for a wide array of production vehicles, at the International Geneva Motor Show.