1 min read
Faraday Future lists its Las Vegas property for $40 million
Electric vehicle maker Faraday Future (FF) is looking to sell its 900-acre property in the Apex Industrial Park located in north Las Vegas, according to an announcement (in Chinese) posted on the company’s official WeChat account.
The listing is a result of FF’s ongoing operations optimization and business strategy to better integrate its China and US businesses and resources, the company said. It is asking $40 million for the partially improved property including 700 fully graded acres, according to the listing by US real estate company Cushman & Wakefield.
FF intended to build a manufacturing plant at the Apex site and begin manufacturing vehicles as early as 2017. The company broke ground on the facility in April 2016, but construction stopped in November. In July 2017, the EV carmaker announced that it was going to scrap its original plan and move the location of its manufacturing facility for its flagship FF 91 model to Hanford, California.
FF was deep in financial troubles by that point. Around the same time, Shanghai High People’s Court seized over $180 million of FF owner Jia Yueting’s assets.
The company’s financial problems worsened in 2018 when it battled a major financial backer, Chinese real estate giant Evergrande, over its funding, forcing the company to cut wages and place hundreds of employees on unpaid leave. In late 2018, Faraday Future finally agreed on new terms with Evergrande, ending their months-long feud.
However, the nightmare isn’t over for FF. The Verge reported in February that 11 new lawsuits were filed against the company by suppliers and contractors, which total nearly $80 million in back payments, damages, and fees.
The priority now is to bring the FF 91 to market as soon as possible and prepare for the mass-production of its second model FF 81, the company said in its statement. “FF is seeking to raise enough capital in 2019… So far, a number of global investors have expressed interest in investing in FF.”