Nevada state officials want to see proof that Faraday Future’s has sufficient finances
The financial uncertainty surrounding auto firm Faraday Future has led to Las Vegas officials questioning the future of the $1 billion production plant which is to be built in the economically struggling desert town.
Faraday Future impressed the world at this year’s Consumer Electronics Show, which was held in the glitzy Nevada resort of Las Vegas. The mysterious auto firm wooed the Nevada state officials who pledged $215 million in tax benefits and credits if it was to build the proposed $1 billion production plant on Las Vegas soil.
At the show, Faraday Future unveiled its FFZERO1 Concept car and boasted a range of electric vehicles that would be available in years to come. Representatives promised that the factory would result in the creation of 4,500 crucial new jobs in the state.
However, according to a former executive at Faraday Future who spoke to The Guardian, the company is struggling financially and it still in the process of developing the kind of technology required to get its pioneering concept car up and running.
For this reason, Nevada officials are understandably concerned about the future of the 3m sq ft production factory, which would be a salvation for the state’s economy.
The State Treasurer of Nevada, Dan Schwartz, is now asking Faraday Future, and the owner of its partner company LeTV, Jia Yueting, to hand over a $75m contract bond to prove that it has the finances required for the construction work and production costs.
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