Faraday abandons its proposed $1 billion Nevada factory

The idea is to move into a smaller, existing factory and hopefully have cars rolling off the assembly line by the end of next year. Nevada lawmakers insist that the state won’t be left in a lurch because there were forms of insulation between the company and tax breaks and abatements. Those payouts were dependent on Faraday hitting certain milestones along the way to its massive factory opening.