Troubled electric car maker Faraday Future continues to slim down its grand plans.
The Gardena-based company plans to build a technology-loaded luxury electric sedan called the FF 91. But cash flow has been a big problem.
The company said Monday that it’s ending negotiations with the Bay Area city of Vallejo to buy land for an automobile assembly plant.
That factory was intended to supplement another assembly plant the company plans to build in North Las Vegas.
The Vegas project, too, is imperiled: The plant there was suspended last fall when Faraday stopped paying some of its contractors, including Los Angeles-based Aecom. The building site was graded flat, but nothing’s been erected yet.
Faraday now says it has a “new strategy,” which involves making the Nevada plant less than a third of the size of the 3-million-square-foot edifice it had promised.
The idea, a spokesman said, is to get the car into production quickly. Construction work will begin “very soon,” he said.
The company’s key investor is Chinese tech entrepreneur Jia Yueting. He is widely reported to be facing financial problems, but details are so scarce that it’s unclear how bad they are.