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Title : Faraday Future leases new factory in California, $1 billion Nevada project on ice
link : Faraday Future leases new factory in California, $1 billion Nevada project on ice

Faraday Future leases new factory in California, $1 billion Nevada project on ice

Electric start-up company, Faraday Future, has signed the lease on a new manufacturing facility in Hanford, California, which will see the production of its upcoming FF 91 EV.

In an effort to bring the FF 91 to market by the end of 2018, Faraday Future has been forced to ditch its US$1 billion manufacturing facility in Las Vegas, following recent reports that the company was running into money troubles.

This week, Faraday Future began the cleanup to prepare the new California site for the move-in of manufacturing equipment, and is located between the US’s two largest EV markets – Los Angeles and the Silicon Valley.

“We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” said Stefan Krause, CFO for Faraday Future.

“Investors invest in people, and our employees continue to be Faraday Future’s strongest asset.”

“As we begin this next phase in our company’s history, our efforts to build out strong corporate leadership will bring a new focus to Faraday Future and deliver on our commitments to employees, investors, suppliers, and future users, who have shown exceptional patience and resilience through the company’s difficult times,” he added.

The new facility measures one million square feet (92,903 square metres) – matching the claimed size of Tesla’s new battery-focused ‘Gigafactory’ – and the company claims it will employ around 1300 workers at the site over time.

Faraday Future expects to ramp-up the site in early 2018, once the current tenants move out in November.

MORE: Faraday Future attempts to line up $1 billion as LeEco parent founders
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