Faraday Future

Faraday Future leases central California factory in attempt to keep its electric car dreams alive.

A lack of funding helped doom FF’s project in Nevada, and things have only been getting worse at LeEco, the Chinese conglomerate that was FF’s biggest investor. LeEco recently laid off the majority of its US workforce, and FF officially canceled its plans in Nevada one week after a Chinese court froze $182 million of LeEco chairman Jia Yueting’s assets. And this all came after FF suffered a rash of executive departures and money troubles at the end of 2016.

But FF recently obtained a $14 million “rescue loan,” according to a report in the Wall Street Journal, and that was apparently enough to cover part of the lease for this new factory. Faraday reportedly agreed to borrow that $14 million from a New York investment firm after offering its LA headquarters as collateral.

Photos posted to Instagram by Nick Sampson, the company’s senior vice president of R&D, show that the company held an event at the factory yesterday to begin the process of getting the building ready for the move-in. Hanford city officials were on site at the event, and FF hopes to bring 1,300 jobs to the area, according to a local news report. But the location of the factory was not disclosed. Business Insider previously reported that FF was “close to securing a substitute manufacturing site in California.”