Maybe there is a reason the company is called Faraday Future. Could it be because everything is in the future?
The company’s contractor now says it has “adjusted” its construction schedule at its proposed future electric car manufacturing plant at Apex in North Las Vegas. That’s another word for halted. The contractor says work is to resume next year.
Faraday has failed to reply to emailed questions from the Las Vegas newspaper, but Business Insider reports that a Faraday Future representative said late Monday that the company is “refocusing efforts” on its upcoming production vehicle in the meantime.
Based on Faraday’s pie-in-the-sky promises in 2015, at the urging of Gov. Brian Sandoval, the state Legislature meeting urgently in special session agreed to dole out $215 million in tax abatements and credits to entice Faraday Future to build in Nevada. The state also promised $120 million in infrastructure that includes water, rail and road improvements that may include widening I-15 and improving the freeway interchange near the Apex industrial park.
The governor told the Las Vegas newspaper the state will be out no money if Faraday fails to perform in the future.
But state Treasurer Dan Schwartz, who visited China recently, has been warning for some time that the company may be a sham. He told the local paper a few days ago, “We’re increasingly more concerned than we were before that this is just a big Ponzi scheme.”
The LA Times reported two weeks ago that Faraday Future hasn’t been paying its bills and still owes on a $75 million performance bond to the state of Nevada. It has fallen $57 million behind in payments due to an escrow account for its contractors.
Speaking of special sessions to dole out money, Tesla Motors continues to build on its electric car battery plant near Sparks but appears to be still lagging behind its promised schedule when lawmakers in 2014 approved $1.3 billion in tax exemptions and agreed to spend $100 million to build a highway to the plant.
And the governor said Monday he wants to hold off on going forward with fast-tracking $899 million in road work to handle traffic for a new $1.9 billion, 65,000-seat stadium in Las Vegas that is being funded with $750 million in hotel room tax funds.
NFL owners could vote in January to move the Oakland Raiders to Las Vegas — or not.
Maybe he heard about casino and newspaper owner Sheldon Adelson threatening to walk away from the deal if the Raiders don’t meet his terms.
Faraday Future released a promotional video with remarkably little real information:
Can’t hear any construction work?