The electric crossover that outperforms the Tesla Model X will take even longer to arrive

Faraday Future has halted production at its factory in Nevada due to financial problems.

Faraday Future is set to become one of the direct rivals of Tesla in the production of electric vehicles – its electric crossover is faster than the Tesla Model X – but after several months of delays due to problems in the financial area, the project does not seem to get off the ground. In fact, the American company announced just yesterday that its Nevada factory – a production plant valued at one billion euros – will cease its activity for the time being due to lack of investment.

This is what the statement issued by Stefan Krause, Chief Financial Officer of Faraday Future, says:

“We have decided to stop production at our Apex factory located north of Las Vegas. We remain committed to the idea of producing vehicles at this complex in the long term. At Faraday Future we are significantly changing our business strategy to position the company as a leader in mobility for individuals, a vehicle-use model that reinvents the way users access mobility. As a result of this change of direction, we are backing the creation of a new manufacturing plant that will allow production to start much earlier, and will also align with the brand’s future strategic options”.

According to the words of Faraday Future’s Chief Financial Officer, the brand will create a new production plant that would accelerate the arrival of its electric cars. The American company is looking at different locations in the states of Nevada and California to build said factory.

In any case, the American company will have to solve its financial problems. At the beginning of the year, Faraday Future invested 174 million euros in the project, but its main shareholder, Jia Yueting of LeEco, saw his assets frozen later on, which has slowed the brand’s development since then.

Faraday Future’s electric vehicle – FF91 – promises to make things very difficult for the electric crossover of Tesla – Model X -, but the truth is that its arrival on the market seems increasingly distant.

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