Faraday Future halts EV plant plans

US start-up Faraday Future, which is developing an electric car in hopes of rivalling Tesla, has shelved plans for an EV plant in Nevada.

Work began on the £775 million factory in Nevada in April last year, however, work stopped in October and is not set to begin again.

Entrepreneur Jia Yueting has backed Faraday, but some of his assets were frozen in China earlier this month.

In a statement, Faraday Future said: "Accordingly, we have decided to put a hold on our factory at the Apex site in North Las Vegas," it said.

"As the land owner, we remain committed to the build-out of the Apex site for long-term vehicle manufacturing and firmly believe North Las Vegas is an ideal place for us to be."

Mr Yueting had $182 million in assets tied by a court in China and his firm, LeEco, has faced its own funding problems in recent months.