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Faraday Rescheduling Construction on $1B Plant
Building contractor AECOM said that Faraday Future “temporarily adjusted” its construction schedule on a $1 billion plant at Apex Industrial Park in North Las Vegas. AECOM, which is developing the plant on 940 acres, indicated that grading and foundation prep work has been completed, and Faraday Future will resume construction early next year.
But AECOM issued a notice of intent to stop work in mid-October, after Faraday fell behind on $57 million of deposits due in an escrow account that pays contractors and subcontractors. There are concerns that Faraday is facing financial problems, especially due to cash issues impacting the company’s Chinese backer, Jia Yueting.
“I’m being very literal when I say Jia personally does not have the cash,” Nevada Treasurer Dan Schwartz recently told the Las Vegas Review-Journal.
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- ◦Development
