Faraday Future, the electric vehicle startup seeking to compete with the likes of Tesla Motors, last month scrapped its plans to build a one-million square foot assembly plant outside of Las Vegas after struggling financially.
Now, the company has signed a lease on a new manufacturing facility located in Hanford, Calif., that it will renovate in order to deliver its first production vehicle, the FF 91, to market by the end of 2018.
Faraday says it is shifting its manufacturing focus to a turn-key facility and the Hanford site is located between two of the largest electric vehicle markets in Los Angeles and Silicon Valley.
“We know there is a lot of work and risks ahead, but this event represents a major step forward for the company,” says Stefan Krause, COO/CFO, Faraday Future.
Faraday says the next step will be to continue the process of site preparations, including planning, refurbishment and permits. Following the move-out of the current tenants in late November, the company expects significant ramp up on the site in early 2018.
The new facility is a one-million square foot factory and will employ up to 1,300 workers over three shifts.