Faraday Future, another electric car maker in the US hasn’t had the success or the popularity as Tesla does. Now more woes pour upon the company as it is officially putting a stop to their plans to build a USD$1 billion factory in Nevada. The cause of that is that its billionaire financier, Jia Yueting, has been having some significant money problems.
The Nevada Independent revealed that there were issues with the deal and that state officials also said that no public money was lost in the venture. The factory in Nevada was supposed to spur some additional 13,000 jobs in the state. Faraday Future plans to shift its business strategy after the whole situation.
“We have decided to put a hold on our factory at the Apex site in North Las Vegas. We remain committed to the Apex site in Las Vegas for long-term vehicle manufacturing,” Stefan Krause, who’s been Faraday Future’s chief financial officer for the past four months, said in a statement.
CNN reported that Jia Yueting, a Chinese Tech Billionaire had his assets frozen ($183million) by the Shanghai Court due to failure to repay some Chinese banks. Jia Yueting is the owner of LeEco, a Chinese tech company which expanded from various industries such as smartphones, transportation and movies.