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Faraday Future’s Backer to Sell Calif. HQ
The Chinese conglomerate behind California electric-car startup Faraday Future Inc. is looking for a buyer for the 49-acre headquarters complex it bought in Silicon Valley less than a year ago, sources tell Reuters.
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The Chinese conglomerate behind California electric-car startup Faraday Future Inc. is looking for a buyer for the 49-acre headquarters complex it bought in Silicon Valley less than a year ago, sources tell Reuters.
The sale follows an admission last November by billionaire Jia Yueting that his Leshi Internet Information & Technology Corp. (LeEco) had over-expanded and was rapidly running out of cash.
Reuters says LeEco is in talks with Chinese developer Genzon Group to sell the California complex for $260 million. Genzon confirms its interest but not details about the deal, including what it plans to do with the property.
Faraday announced 15 months ago that it intended by 2017 to begin making as many as 150,000 EVs per year at a $1 billion factory in Nevada. Last month Reuters reported that the company has reduced its planned model lineup to two from seven, cut its annual production target to no more than 10,000 units and pushed back a manufacturing launch date to 2019.
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