Nevada State Treasurer Worried Over Faraday Future Factory Funding In China
Faraday Future has made a lot of wild claims, but does it really have what it takes to be the next Tesla? Nevada’s state treasurer went to China last week to meet with Leshi, the parent company of Faraday Future, over concerns with the company delaying its promised $1 billion in investment funding for a new manufacturing facility.
Late last year the Nevada’s state legislature held an emergency meeting to secure Faraday Future’s plans for constructing an automotive manufacturing facility. Following the company’s reveal of Big Ideas and an imaginary supercar concept at CES, plans for breaking ground on the factory in late January were apparently delayed as a result of Faraday Future’s Chinese parent company Leshi temporarily backing out of the Chinese stock exchange.
According to KUNR, Reno’s local NPR radio station, Nevada Treasurer Dan Schwartz traveled to China last week to confront parent company Leshi and investor Jia Yueting over the $1 billion in investment financing for the Nevada factory. Schwartz is holding off on $175 million in state bonds to help finance the factory until it is assured that the promised investment amount from Yueting is set aside for Nevada.
(Jalopnik.com)
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