Faraday Future is looking to sell the 900 acres of land it purchased in Nevada as part of its bold plan to construct a $1 billion manufacturing facility.
For a brief period of time, it appeared as though Faraday Future was on track to establish itself as a legitimate rival to Tesla. However, a seemingly never-ending spate of internal problems has prevented the electric start-up from completing development of its first production model, the FF 91 SUV.
The company intended on constructing its $1 billion factory in Nevada to build the FF 91. The facility would have generated 13,000 direct and indirect jobs and generated roughly $760 million in tax revenue over 20 years. However, these plans were delayed in 2017 and the company is now looking to off-load the huge slab of land.
The South China Morning Post was the first publication to discover the sale, stumbling across an advertisement on Faraday Future’s WeChat account. The company is looking to sell the land for $40 million.
“The parcel is partially improved, and 700 acres have been fully graded for industry use. The sale is the result of the ongoing optimization of business strategies at FF,” the advertisement reads.
The last we heard from Faraday Future was at the end of December 2018. The news were that the company had reached an agreement with China’s Evergrande Health that allows it to look for new financing. It is thought that this agreement saved the company from imminent collapse, but it still needs to attract new investment to stay afloat. And that billion U.S. plant is, naturally, no longer in the picture.