Electric carmaker Faraday Future halts work on Nevada plant

A rendering of what the plant was supposed to look like

It was just five months ago that FF was claiming that it was finally restarting construction of its proposed factory in North Las Vegas, nearly 11 months after construction was first halted amid the company's ongoing financial woes.

But, North Las Vegas city leaders said they were confident that Faraday would eventually finish the facility.

After months of financial difficulties stalling the project, electric vehicle startup Faraday Future issued a statement today announcing that they are abandoning their $1 billion EV factory in Nevada... for now.

But construction had yet to begin when the company made its Monday announcement.

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"Faraday has played an important part by investing nearly $50 million in land improvements and critical design and engineering work at Apex Industrial Park".

Gov. Brian Sandoval and state lawmakers approved $215 million in tax breaks and $120 million in infrastructure upgrades for the project at a special session of the Legislature in December 2015. "We remain committed to the Apex site in Las Vegas for long-term vehicle manufacturing", Stefan Krause, who's been Faraday Future's chief financial officer for the past four months, said in a statement to the Independent.

"Faraday has played an important part by investing nearly $50 million in land improvements and critical design and engineering work at Apex Industrial Park, creating a momentum that has attracted multiple Fortune 500 companies hiring 7,000 Nevadans and investing more than $1 billion that has stabilized and transformed our community", Lee said. But plans to produce the auto in Nevada have been put on hold, the Los Angeles-based company said in a statement. 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.

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