It has emerged that state officials from Nevada approved $335 million in tax credits for Faraday Future without knowing about the company’s finances.
While speaking with Jalopnik, Nevada State Treasurer and FF skeptic Dan Schwartz revealed that the Nevada State Legislature had no idea of the startup’s financial position when awarding it with hundreds of millions in tax credits.
“The Treasury was not in any hearing. Faraday Future gave financials to Steve Hill [Director of the Governor’s Office of Economic Development], but he didn’t give them to the legislature.
“The financials of the company were marked confidential and not shared. We [at the Treasury] asked for a financing plan, but have never seen it and that was a year ago,” Schwartz said.
The financial situation of Faraday Future has been a major talking point in recent weeks as the brand’s main investor revealed he was running low on cash. What’s more, it was recently confirmed that the firm halted construction at its $1 billion factory in Nevada.
One year after unveiling its disappointing and largely irrelevant concept at CES 2016, Faraday Future intends on launching its first production model, albeit in concept form, at the start of January.
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