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Faraday Future's first production model, the FF91
 
Faraday leases California factory to produce EVs
Automotive News | 2017/8/11

LOS ANGELES -- Struggling electric car startup Faraday Future will use an existing California factory for its first production vehicle, due in 2018, after halting plans to build a $1 billion (6.7 billion yuan) plant in Nevada.

Faraday has signed a lease on a 93,000-square-meter (1 million-square-foot) plant -- formerly a Pirelli tire plant -- in Hanford, 338 kilometers (210 miles) northwest of its headquarters here.

Conversion of the site is to begin in early 2018, and production of Faraday's first vehicle, the FF 91, is to begin at the end of next year.

"Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018," said Dag Reckhorn, Faraday's vice president of global manufacturing. "Despite significant headwinds on the path ahead of us, we are laser-focused on that one key milestone."

The move comes after Faraday was forced to halt construction of a planned $1 billion factory in a barren industrial park north of Las Vegas. 

That project was put on hold after Faraday was unable to pay various vendors amid a severe cash crunch facing Faraday backer Jia Yueting and his Chinese company LeEco.

Faraday would not reveal the cost of the 10-year lease. However, Faraday last week secured a one-year, $14 million loan from Innovatus Capital Partners by putting up its headquarters as collateral. 

The loan is intended to help Faraday keep the lights on while it seeks new investors.

Faraday says the Hanford site will employ up to 1,300 people spread over three shifts. The original site in Nevada was to bring as many as 13,000 jobs over the duration of the project.

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