Faraday Future put up for sale land in the US

Faraday Future put up for sale land in the US

March 15, 2019 0 By autotimesnews

It is difficult to say when the long-suffering electric car Faraday Future FF91 will enter the market and whether it will be released at all. Frankly, given the current situation, if Faraday Future somehow miraculously manages to release a limited batch of FF91, then this will be a great achievement. It has now become known that Faraday Future, desperately trying to keep the business, or rather what was left of it, put up for sale a land plot of 364 hectares in Las Vegas, where it planned to build a plant for assembling machines. The cost of the plot is $ 40 million. This is reported by the South China Morning Post with reference to the company’s announcement in WeChat. Sales are also handled by commercial real estate operator Cushman & Wakefield.

Established in 2014, Faraday Future promised a revolution in the automotive industry, but after the parent company LeEco faced financial problems, the Faraday Future ship sank sharply.

Faraday Future bought the site in 2015, planning to build a huge plant for the production of cars there for $ 1 billion and promising to release as many as seven car models, although it later reduced the plan to two.

In the summer of 2018, Faraday Future agreed to invest $ 2 billion from the investment holding Evergrande Health from Hong Kong and received the first tranche of $ 800 million. Faraday Future should have received $ 600 million in 2019 and 2020, but asked the investor to transfer the money in advance. In response, Evergrande refused and canceled the deal due to violations of its conditions. As a result, the Hong Kong arbitration court did not allow the contract to be terminated, but allowed the company to raise up to $ 500 million from other investors to continue working.

The fact that Faraday Future has now decided to sell the plot clearly indicates that the situation is getting worse and the company may soon cease to exist.