Faraday Future Sells Headquarters To Stay Afloat
More signs of Faraday Future's financial troubles have appeared today as the company has sold their headquarters in Los Angeles to help with their dwindling economic balance.
Faraday Future has been in hot water for many years, but the past year appears to be its worst. Faraday Future lost one of its biggest investors towards the end of last year, and that sent Faraday Future into a tailspin.
The sale of their Los Angeles headquarters was discovered by The Verge who obtained documents which stated Faraday Future sold the building to a New York-based real estate firm called Atlas Capital for an undisclosed amount of money. After the sale Atlas Capital began leasing the building back to Faraday Future for an undisclosed amount. Though no information about the deal is available, a former employee familiar with the sale stated it was worth $10 million.
It was only last week that Faraday Future also listed their 900 acres of land just outside Las Vegas for sale for $40 million. This was initially intended to be the location of a future manufacturing facility, but in 2017 the company abandoned that plan. Instead, they planned on using an existing and smaller facility located in California.
It seems like whenever Faraday Future is in the news recently its not for a good reason. The company has had a troubled start, and it's unclear how that's going to end. Will they ever pull out of this nosedive and successfully release their all-electric vehicle? Or will they eventually just run out of money and sense to exist? It's hard to know right now, but if I were thinking about buying an electric vehicle, this uncertainty would make me think twice before buying a car from Faraday Future.