The Nevada Independent has reported that Faraday Future’s Nevada plant is officially dead. The startup sent a letter to the Governor’s Office of Economic Development giving up its status as a “qualified project.” That required FF to write the state a check for $16,200, as well as forfeit about $620,000 in tax incentives that had been held in a trust.
“The Faraday project is basically dissolved at this point at absolutely no cost to the state and local governments,” said Steve Hill, executive director of Nevada’s GOED.
Under the terms of a deal approved in late 2015, most of the taxes the state was waiving for Faraday would be kept in a trust fund and remitted to the company once it invested $1 billion in a factory in North Las Vegas. But Faraday didn’t reach that bar before the company’s primary funder, China’s LeEco, ran into money troubles and the carmaker announced plans to pursue a smaller factory in an existing building in Central California.
