The State of Nevada’s relationship with troubled electric car start-up Faraday Future has been severed.
Faraday Future initially intended on constructing a $1 billion factory in North Las Vegas and would have received $215 million in tax credits and abatements and $120 million in infrastructure improvements.
However, construction at the facility grinded to a halt in late 2016 and earlier this year, the automaker said it had ditched its Nevada plans and has moved into an existing facility in California.
On Tuesday, Steve Hill from the Governor’s Office of Economic Development confirmed that the company had sent a letter voluntarily relinquishing its status as a “qualified project” eligible for the generous tax breaks. It also cut a $16,200 check, all the incentive money it had so far received from the government.
Additionally, the parting means approximately $620,000 built up in a trust fund through tax cuts will be returned to government entities.
In a statement, Hill said “The Faraday project is basically dissolved at this point at absolutely no cost to the state and local governments.”
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