Faraday Future Announces the Sale of Its Property in North Las Vegas for $40 million
Faraday Future (FF) announced on Mar. 13 that it has decided to sell 900 acres of land in North Las Vegas, Nevada for $40 million. The sale resulted from the ongoing optimization of FF’s business strategies, including global reorganization, R&D resource integration and a reduction of its non-core assets.
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The plot has undergone several renovations, of which 700 acres are fully equipped for immediate industrial construction.
“All, is for our original goal,” FF stated in its announcement.
North Las Vegas is the largest market in the Las Vegas Grand Canyon area, and e-commerce demand has grown rapidly in recent years. The local government’s $18 billion investment plan is making it the most promising development territory in the area.
Yet, FF’s operations strategy has changed since the 2015 purchase of land in the Apex Industrial Park in North Las Vegas. Instead of making it their manufacturing facility, the company is now shifting the production location for its flagship FF91 luxury EV to a manufacturing facility in Hanford, California.
As a key delivery facility, Hanford is located between Los Angeles and Silicon Valley, two of the largest EV markets in the United States. This location provides an existing infrastructure, a pool of potential talent resources, convenient rail transportation, and can speed up production.
Based on the adjusted manufacturing strategy, Faraday strives to build the Hanford plant in California into a high-end EV production base with advanced technology applications and the UP2U (user planning to user) concept, allowing users to participate throughout the process.
In addition, FF said that it is committed to raising enough funds this year to launch the FF91 as soon as possible and prepare for mass production of the FF81.
Featured photo credit to Faraday Future