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Faraday Future signs lease on California manufacturing facility
08 August 2017, 04:19 | Darrell Baldwin
Faraday Future Finds a New Factory in California
The move comes less than a month after the company scrapped a plan to build a $1 billion factory in Nevada.
Electric auto startup Faraday Future said Monday it had signed a lease for a new assembly plant in California and reaffirmed its intention to start deliveries in 2018. The company was looking for an existing space to quickly begin production, and officials say Hanford was a ideal location.
The company, whose backers include the head of the financially strapped Chinese tech group LeEco, said its new facility will be in Hanford, California, roughly halfway between Los Angeles and Silicon Valley. Faraday recently secured a $14 million rescue loan from NY investment firm Innovatus Capital Partners, putting up its own headquarters as collateral. Stefan Krause, Faraday Future's Chief Operating Officer, told the Times that having an assembly line will attract additional investors, as it "makes it more real" for them.
Faraday just signed a lease on the facility, and around 300 employees went to the site August 5 for a welcoming ceremony and to begin a cleanup process that included painting the Faraday logo on the building, a Faraday press release said.
Faraday Future employees paint the former Pirelli factory in Hanford during a clean-up day Saturday. "Following the move-out of current tenants in late November, the company expects significant movement to ramp-up on site in early 2018". The factory could employ up to 1,300 workers over time.
Faraday Future's VP of Global Manufacturing, Dag Reckhorn, also commented: "Our new production facility is the latest demonstration of our commitment to getting FF 91 on the road by the end of 2018".
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