Faraday Future plans to finish Nevada Factory in two years

Bryan Logan/Business Insider

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Last week, automotive startup Faraday Future held a groundbreaking ceremony at the site where it plans to build its $1 billion manufacturing facility in Nevada. However, the company didn't actually break any ground at the site, as it still has to grade the land at the facility, The Verge reports.

The company said that it plans to finish building the factory in two years, which it admitted is a very aggressive timeline for building a 3-million-square-foot factory. More importantly, this means that the company is at least two years away from producing a car for the market, if everything goes according to its plans.

However, the company is already facing hang ups, as it has yet to deposit the $3 million it owes the state of Nevada for bringing utility lines to the factory, according to a report from EETimes. Faraday needs to make an additional utilities payment of $10 million by mid-May, but the escrow account for the money hasn't been created yet, the report said.

After the combined $13 million is deposited with the state, Faraday will have to obtain a performance bond of up to $75 million. Once the bond is obtained, the state will start construction on rail and water connections for the factory. However, it seems Faraday needs to deposit the $13 million with the state before anything can move forward.

As for what Faraday Future plans to build at the factory, little is known right now beyond that it wants to build electric self-driving cars. The company unveiled a concept race car at CES earlier this year that drew a great deal of attention, but didn't offer much insight into what kind of car that company might sell in the future.

Chinese billionaire Jia Yueting, the founder of LeTV, which is often called "China's Netflix," is reportedly funding Faraday right now. It's unclear though just how many financial resources the company has to complete its Nevada factory and build a car for market.

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