The State of Nevada’s relationship with troubled electric car start-up Faraday Future has been severed.
Faraday Future initially intended on constructing a $1 billion factory in North Las Vegas and would have received $215 million in tax credits and abatements and $120 million in infrastructure improvements.
On Tuesday, Steve Hill from the Governor’s Office of Economic Development confirmed that the company had sent a letter voluntarily relinquishing its status as a “qualified project” eligible for the generous tax breaks. It also cut a $16,200 check, all the incentive money it had so far received from the government.
Additionally, the parting means approximately $620,000 built up in a trust fund through tax cuts will be returned to government entities.
In a statement, Hill said “The Faraday project is basically dissolved at this point at absolutely no cost to the state and local governments.”