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Jia Yueting made a dream to be hit! Faraday officially abandons factory construction in the future
According to a report from the *Nevada Independent*, Faraday, an electric vehicle startup that was heavily involved in financial difficulties, has officially decided to pull out of Nevada. The company will no longer proceed with its planned production facility in the state.
The report revealed that Faraday has already informed Nevada officials that it is no longer eligible for tax breaks and land incentives. As a result, the company sent a $16,200 check as repayment for the state subsidies it had previously received.
Under the original agreement, Faraday was required to invest $1 billion in a factory located in the northern part of Las Vegas to qualify for these tax incentives. However, this plan is now off the table.
Currently, the site where the factory was supposed to be built only shows signs of minimal cleanup. There are no indications that construction has started or even plans to begin soon.
Following the major crisis at LeTV, Jia Yueting’s investment in Faraday has also faced significant challenges. He has abandoned the ambitious plan to build his own factory and is now exploring alternative manufacturing options. However, no final decisions have been made yet.
Rumors suggest that Faraday has already leased a former Pirelli factory in California and may begin operations there as early as 2018.
For Faraday and Jia Yueting, 2018 is shaping up to be a year of setbacks and uncertainty. It seems that their grand ambitions may not be realized anytime soon.
As the company continues to navigate its uncertain future, many are watching closely to see if Faraday can recover from its financial struggles and find a sustainable path forward.