Aecom has halted construction on Faraday Future’s Las Vegas electric car factory after the Chinese-backed firm reportedly missed several payments for the project.
A Faraday spokesman told Fortune that the company is “refocusing its resources” on preparing its first production vehicle for introduction at the Consumer Electronics Show in Las Vegas in January. The company is reportedly behind on tens of millions of dollars in payments for the last three months’ worth of construction.
Aecom has completed grading and foundation prep work on the Las Vegas factory site, but construction isn’t anticipated to resume until early 2017, said Aecom spokesman Brendan Ranson-Walsh.
Meanwhile, on Wednesday the firm’s parent company, Leshi Holdings reportedly raised $600 million from 10 Chinese companies. The company’s co-founder Jia Yueting earlier this month wrote a letter to shareholders acknowledging that the company was running out of cash.
Related Link: Electric Car Company Faraday Future’s Parent Pulls Back
Technology reporter Garrett Reim can be reached at email@example.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Silicon Beach Report Nov. 15: Snap Inc. Files for IPO
- Silicon Beach Report Nov. 16: Snap Signs Deal with Foursquare to Improve Geofilter Targeting
- Faraday Future Leader Ding Lei Steps Down
- Faraday Future’s Main Backer Receives $1B to Pursue Electric Cars
- Work on Faraday Future’s Electric Car Factory Halted
- Faraday to Lend Factory to China’s LeEco
- Silicon Beach Report July 10: Asian Goods E-Tailer Yamibuy Raises $10 Million
- Faraday Future Claims Electric Car Has More Than 64,000 Reservations