Faraday Future seems barely afloat.
Faraday Future (FF) announced on March 13, 2019 that it is seeking the sale of its 900-acre parcel located in North Las Vegas, Nevada. The parcel is partially improved, and 700 acres have been fully graded. The sale is the result of the ongoing optimization of business strategies at FF including global reorganization, R&D resource integration and a reduction of its non-core assets.
FF's operations strategy has changed since the 2015 purchase of land in the Apex Industrial Park in North Las Vegas for a planned manufacturing facility. Instead, FF is shifting the production location for its flagship FF 91 luxury EV to a manufacturing facility in Hanford, California. Construction build out on this property began in late 2017.
As an existing plant, the Hanford manufacturing facility is a turnkey property situated between Los Angeles and Silicon Valley — the two largest EV markets in the U.S. — offering existing infrastructure, easy access to railway transportation, potential talent pool and a faster pathway to production than the Las Vegas property allowed at the time.
Based on FF's manufacturing strategy, the Hanford facility is expected to be an ultra-high-end electric vehicle manufacturing facility, equipped with leading technology applications and FF's UP2U (user planning to user) concept, where FF users can participate in the holistic production process.
FF is appreciative of the City of North Las Vegas and its partners in Nevada for their continued support throughout this process. FF seeks to raise substantial capital in 2019, bring the 1,050-horsepower FF 91 to market as soon as possible and continue preparing the subsequent mass-production FF 81 for its introduction.