Desperate for cash, Tesla competitor Faraday Future scales back plans yet again
Faraday Future’s future continues to fade.
The Chinese-funded, Gardena-based electric-car start-up said Monday that it is scaling back its already scaled-back plans.
The potential Tesla competitor had abandoned plans to build a 3-million-square-foot factory in North Las Vegas, and said it would build a 1-million-square-foot plant instead. Now, the cash-starved company said it’s searching for an existing building to produce its luxury FF 91 electric car.
The search for cash is more pressing, however. The company’s primary funder, Chinese entrepreneur Jia Yueting, is in deep financial trouble. Assets belonging to him and and his wide-ranging technology company, LeEco, have been frozen by courts in China and elsewhere in the face of unpaid loans.
http://www.latimes.com/business/autos/la-fi-hy-faraday-future-20170710-story.html
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