Chinese-backed Faraday Future Halts Work on Nevada Car Plant

Faraday Future, the electric-vehicle startup backed by LeEco founder Jia Yueting, halted plans to build a $1 billion factory in Nevada as the troubled tycoon fights for the survival of his Chinese car business. “We are in the process of identifying a manufacturing facility that presents a faster path to start-of-production and aligns with future strategic options,” Faraday said in the statement. “The state recognized both the opportunity a large manufacturing facility could provide as well as the inherent risk associated with a startup company attempting this endeavor,” the governor’s office said. “The agreement with Faraday held Nevada’s citizens harmless from the risk associated with this project.”