Nov 17, 2016 05:49 PM

BUSINESS

Faraday Future Halts Work on $1 Billion Nevada Car Plant Amid Cash Crunch

By Li Zengxin and Teng Jing Xuan

Marco Mattiacci, Faraday Future's global chief brand officer and chief commercial officer, speaks at a LeEco event in San Francisco on Oct. 19. Photo: IC

(Nevada) — Construction at the Nevada factory of electric-car startup Faraday Future has ground to a "temporary" halt, with the company owing millions in unpaid bills to a major contractor.

Faraday Future, backed by Chinese billionaire Jia Yueting, said in a statement on Wednesday that construction of the $1 billion, 280,000-square-meter plant in the western U.S. state has been temporarily suspended.

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