In an extended strategic changing of gears, U.S. EV startup Faraday Future has nixed its planned billion-dollar Las Vegas production center, and is working on another production site closer to its home base in Southern California.
The site has been leased, and it’s a lot more made-to-order than a ground-up custom facility. A former Pirelli manufacturing plant in Hanford called the Hanford Business Park, the location is a ready-made facility which will help the company get off the ground, and hopefully surpass the hurdles which have been tossed in its way as it has attempted to make it to production. A Faraday Future that reaches production phase would provide a bit of healthy competition for Tesla.
After key Chinese funder LeEco pulled out due to headlong expansion and financial over-extension, Faraday was forced to absorb the $120 million it had spent on the Las Vegas manufacturing site. Faraday looked at opening a factory in Vallejo, at the old Mare Island Shipyard, but the plan didn’t come to fruition, and it returned its focus to the Las Vegas location.
Now, with help from Innovatus Capital Partners, Faraday has settled on a more financially manageable location to begin production, a location which could feasibly be up and running in months. The company has big plans, including a game-changing supercar, but its first regular production car, an all-electric luxury crossover SUV, the FF91, may have truly broad-spectrum appeal. The change of location is less auspicious for a company so determined to make a slam-bang first impression, but it may enable them to launch into the marketplace and gain a foothold with their plug-in crossover, which is tailor made for the present automotive zeitgeist.
The Faraday models are exciting, and the company has a great deal to offer if it can make it to 2018, its first production year.