Faraday Future’s had a hard time getting its Tesla rival on the road. This isn’t going to help.
The electric vehicle company halted talks with the government of Vallejo, California, on Friday to build a second factory there, according to the San Francisco Chronicle.
Faraday’s plan now is to focus on finishing its $1 billion factory in the northern part of Las Vegas. That factory has itself been beset by cash problems. Construction paused in November because the company couldn’t pay contractors to finish the job, and only resumed after Faraday settled for a smaller building.
Originally pegged at 3-million square feet, the factory will now be less than 25 percent that size, though the company says it’ll eventually get to 3-million square feet.
Faraday says it’ll be done with its smaller factory this fall, though its track record up to this point ain’t great. In late 2016, it reported spending $160 million on, as Jalopnik put it at the time, “moving dirt around and not much else.”
Part of the problem stems from LeEco, the company that serves as Faraday’s Chinese backer, which itself is going through growing pains. LeEco began as something like Netflix and has expanded to other businesses such as electric vehicles in its 13-year existence.
But that expansion is now rolling back due to the company’s public cash issues. LeEco had planned to burst onto the Silicon Valley scene with a 49-acre plot meant to house 12,000 employees but it sold that land less than a year after taking it off Yahoo’s hands.
Faraday Future has plans to start building its Tesla rival by 2018, but, that goal seems to keep rolling back.
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