Faraday Future's billion-dollar electric car plan on hold

Faraday Future's ambitious plan to rival Tesla has ground to a halt as both the state treasurer and the primary contractor for Faraday's factory asked, where is my money?

The startup tech company announced earlier this year that a billion-dollar electric car factory will be built in Nevada. However, it turns out that Faraday has yet to deliver on its payment promises.

Faraday Future now owes at least 21 million U.S. dollars to its L.A.-based contractor, AECOM. Also, Faraday is behind on a 75-million-dollar performance bond to the state of Nevada, according to the Los Angeles Times.

In a letter to Faraday last month, AECOM warned Faraday that the tech company is risking work stoppage if it does not pay up, according to Automotive News.

Despite falling behind on payments, Faraday still has a bold plan in Nevada.

"The business relationship between Faraday Future and AECOM is strong," Faraday told Xinhua in a statement on Thursday. "We remain committed to building our factory of the future in North Las Vegas."

The Chinese-backed startup broke ground on a 900-acre site for its factory back in April this year. If built, it will cost one billion U.S. dollars over the next 10 years, and it is expected to create 4,500 jobs when completed, the Los Angeles Times reported.

Xinhua has followed up with Faraday to find out what the company's next action is, but has yet to receive a response.

Faraday Future was established in 2014 as a startup technology company focused on the development of intelligent electric vehicles. It is headquartered in Gardena, California, and is reportedly funded by China's LeEco, one of the largest online video content providers in China. Endi