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Jia Yueting made a dream to be hit! Faraday officially abandons factory construction in the future
According to a recent report from the *Nevada Independent*, Faraday, the struggling electric vehicle startup that was heavily involved in a financial crisis, has officially pulled 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 back to the state as part of its repayment of previously received subsidies.
Under an earlier 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 has now been abandoned.
To date, Faraday has only conducted a basic cleanup at the factory site, with no signs of construction beginning. The project appears to be on hold or completely shelved.
Following the major financial troubles at LeTV, Jia Yueting’s investment in Faraday has also faced significant setbacks. He has had to abandon his original plans for a large-scale factory and is now exploring alternative manufacturing options. However, no final decisions have been made yet.
It is rumored that Faraday has already leased a former Pirelli factory in California, and there are indications that production could begin as early as 2018.
For Jia Yueting, 2018 seems to be shaping up to be a year of challenges and disappointments. The future of Faraday remains uncertain, and the company's long-term prospects are still unclear.
As the EV market continues to evolve, Faraday’s ability to recover and reposition itself will be closely watched by investors and industry observers alike.