Electronic carmaker Faraday Future announced it has decided to sell a 900 acre plot of land in Las Vegas, Nevada for US$40 million as part of its global reorganization efforts, the company said in a statement.
Faraday bought the site in 2015 with ambitions to build a US$1 billion production facility for its 91 model electronic vehicle.
The operation strategy has changed since the 2015 purchase of land in the Apex Industrial Park in North Las Vegas, it said, adding that the production base of the FF91 has been shifting to Hanford, California.
The distressed electronic carmaker delayed the construction of the production facility in 2016 before it abandoned the US$1bn project in 2017.
Media reported earlier that the cash-strapped company championed by controversial entrepreneur Jia Yueting has furloughed hundreds of employees and laid off a number of staff amid disputes with its main investor.