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Electric carmaker Faraday Future seeks US$40 million for Nevada land as production plans unravel

  • Start-up founded by Chinese entrepreneur Jia Yueting is selling land acquired in 2015
  • Construction of Nevada plant was suspended in 2017 after founder’s financial condition deteriorated

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Faraday Future’s FF91 electric car is unveiled at the Consumer Electronics Show, in Las Vegas, Nevada, on January 3, 2017. Photo: Bloomberg

Embattled Chinese electric carmaker Faraday Future (FF) is selling a 900-acre plot of land in North Las Vegas, Nevada for US$40 million, an advertisement posted on the company’s WeChat social media account showed.

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“The parcel is partially improved, and 700 acres have been fully graded for industry use. The sale is the result of the ongoing optimisation of business strategies at FF,” the post said on Thursday afternoon.

The company added that this was a tough decision and that the move was a result of its decision to shift production of its flagship FF91 luxury car model to a manufacturing facility in Hanford, California.

The company’s first batch of new cars were due in 2018, but production has not yet started amid mounting unpaid debt, disputes, and lawsuits in China and abroad, related to its founder Jia Yueting.

The high-profile Chinese entrepreneur started FF in California in 2014.
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