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The chances of Faraday Future’s FF 91 electric vehicle ever finding a home in your garage are looking less likely with each passing year.
The struggling Chinese carmaker in 2015 purchased 900 acres of land in Nevada with the intent of building a $1 billion manufacturing facility. The company fell on hard times, however, and put those plans on ice in mid-2017. Now, it’s looking to sell the land.
The South China Morning Post, citing an advertisement posted on Faraday Future’s WeChat account, notes that the automaker has put the land up for sale for $40 million. The tough decision reportedly comes as a result of Faraday Future’s intent to shift production of the FF 91 luxury vehicle to a manufacturing plant in Hanford, California.
Faraday Future said 700 of the 900 acres have been fully graded for industry use.
Faraday’s first wave of cars was expected last year but production hasn’t even started as lawsuits, unpaid debt and other disputes have hamstrung progress. Founder Jia Yueting was even reportedly placed on China’s blacklist of debt defaulters after failing to repay $113 million to two securities companies.
Lead image courtesy Bloomberg