About two years ago we first became aware of Faraday Future. During those days, the electric car start-up was practically operating in secret but had already poached numerous big names in the auto industry. After less than six months, the company announced plans to invest $1 billion in a Nevada factory. However monetary issues quickly emerged, and earlier this summer, FF quit working on the Nevada plant. This week, FF finally surrendered.
The Nevada Independent reports that Faraday Future’s Nevada plant is dead officially. The start-up sent a letter to the Governor’s Office of Economic Development giving up its status as a “qualified project.” That needed FF to write the state a check for $16,200, in addition to forfeit about $620,000 in tax incentives that had been held in a trust.
“The Faraday project is essentially dissolved at this point at absolutely no cost to the state and local governments,” stated Steve Hill, executive director of Nevada’s GOED.
But that doesn’t always indicate FF is done for good. It’s been working to raise more funds since May, and last month, it leased a smaller factory in California to ideally begin production on its all-electric FF91 next year. Whether that will still take place, is still yet to be seen.