Thursday, March 14, 2019

Faraday Future Looks To Dump Vegas Factory Site

Troubled Los Angeles-based electric car maker Faraday Future is looking to sell its idle Las Vegas factory site, hoping to get $40M for the property, according to a listing from a property broker. The electric car maker--which has been struggling to find funding to restart operations, has a raft of lawsuits over unpaid bills, and which has been in a legal battle with its biggest investor--had abandoned its Las Vegas factory plans back in 2017. Faraday--in a move reminiscent of Tesla--had planned a "mega factory" in Vegas to build its cars, which have yet to ship. Faraday stopped work on that factory in November of 2016. Faraday had originally said, back in April of 2016, that it would build a one billion dollar megafactory in Vegas to build its cars. The property is being represented by Cushman Wakefield.