Faraday Future mothballs Las Vegas plant

It was supposed to be a rival to Elon Musk's Tesla and even had a giant factory almost next door. However, Chinese firm Faraday Future has said it will move production of its planned luxury electric SUV to a new site, virtually scrapping a stalled $1 billion Las Vegas factory amid deepening financial woes of key investor Chinese entrepreneur Jia Yueting. Faraday is part of a network of young electric vehicle (EV) firms in China and the United States backed by Jia, who has said his company LeEco - that grew from a Netflix-like video website to a business empire spanning consumer electronics to cars within 13 years - is facing a severe shortage of cash after expanding too fast and in too many directions. Nevada Gov. Brian Sandoval looks at a model for a Faraday Future factory in North Las Vegas, Nev. Electric car maker Faraday Future said Monday, July 10, 2017 that it is deserting its plan to construct a $1 billion manufacturing plant in southern Nevada eight months after suspending the project and sinking at least $120 million into it. Faraday Future halted work on the project outside Las Vegas last November, at the time calling the stoppage a'temporary adjustment' that would not affect plans to begin production in 2018.