© Cushman & Wakefield Electronics Production | March 25, 2019
Faraday Future looking to sell its Las Vegas property for $40M
The electric car manufacturer has announced it is looking to sell its 900-acre of land located in North Las Vegas, Nevada.
The land has been partially improved, and 700 acres have been fully graded. The company say that the sale is the result of the ongoing optimisation of business strategies which includes a global reorganisation, R&D resource integration and a reduction of its non-core assets. FF says that its operations strategy has changed since the 2015 purchase of land in the Apex Industrial Park in North Las Vegas for a planned manufacturing facility. Instead, FF is shifting the production location for its flagship FF 91 luxury EV to a manufacturing facility in Hanford, California. Construction build out on this property began in late 2017. As an existing plant, the Hanford manufacturing facility is a turnkey property situated between Los Angeles and Silicon Valley – which the two largest EV markets in the US – offering existing infrastructure, easy access to railway transportation, potential talent pool and a faster pathway to production than the Las Vegas property allowed at the time, the company writes in an update on its website.. Faraday is asking USD 40 million for its – partially improved – Apex Industrial Park property, according to a listing by US real estate company Cushman & Wakefield. The company ends its update by stating that it seeks to raise substantial capital in 2019, to bring its FF 91 to market as soon as possible and preparing for the mass-production of the FF 81.