Debt-ridden Jia Yueting’s Faraday Future (FF) announced on Thursday it would sell the land in Nevada where the company once hoped to build a car manufacturing factory, signaling a failure of FF’s ambitious FF91 model production promise.
According to the announcement, the 900-acre land is priced at $40 million. In 2015, FF purchased the land at $29.40 million.
The company promised the local government that the factory could bring investment worth of $1 billion, and provide thousands of job opportunities. The local government also granted FF tax reduction and monetary rewards.
In 2017, as Jia’s businesses in China encountered severe liquidity problems and the factory’s construction failed to meet promised progress, FF returned the reduced taxes and rewards, but still owned the land.