Faraday Future, the up-and-coming electric startup automaker, is showing some signs of trouble. Their $1 billion dollar plan to build a high tech factory in northern Las Vegas has been canceled and the land is being sold.
This doesn't mean they've given up. Instead, the company is looking into leasing a former tire plant in Hanford, California. This is part of a cash struggle the company experienced in late 2016. To help offset this, they've been undergoing a core restructuring. This plan came from a meeting with the Evergrande Group, one of their key investors, in January.
Part of that restructuring is seen with an announcement on Wednesday. Faraday is looking for buyers for the North Las Vegas site location. They originally intended to hold onto the land in case they could capitalize on it in the future. They've since changed their mind.
This is a dangerous slope to be going down in the business world. Perhaps Faraday Future won't have much of a future after all.
Faraday Future Sells Las Vegas Plant Land After Investor Pressure
Posted By: LizardRock | 0 Comment(s) Posted On: Mar 15, 2019 @ 01:58 PM