An electric car maker deserted its plan to construct a $1 billion manufacturing plant in southern Nevada in a move experts say could spell trouble for the company and the broader niche electric automobile industry. The decision to scrap the plant was due to a shift in business strategy, Faraday Future Chief Financial Officer Stefan Krause said Monday. The Gardena, California-based company said in a statement that it will look for an existing facility to produce its electric vehicles in California or Nevada. He and others who closely watch the industry said the decision comes amid several industry changes that could drastically affect companies like Faraday and Tesla that offer uniquely all-electric lineups. With electric vehicles in particular, she said, there's no sign that there will be a big payoff anytime soon, "there's just never enough cash."

Source: ABC News July 11, 2017 08:48 UTC