By Jon LeSage Faraday Future is scaling down production plans quite a bit from 150,000 luxury electric cars a year to 10,000 at a new California assembly plant.
The startup won a $13.75 million loan to set up a new factory in Hanford, Calif., located near Fresno in central California. It’s needed to start production of the FF 91 electric sedan as the company leaves behind its previous plan to build a $5 billion assembly plant near Las Vegas.
Innovatus Capital Partners, a two-year old investment firm, agreed to the one-year loan. The company’s Gardena, Calif.-headquarters office was named part of the collateral backing the
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