Tesla rival Faraday scraps $1 bn electric car factory plan
Tesla's rival electric car company Faraday Future has scrapped the $1 billion plan to build a car factory in Nevada, US, following cash crunch. This comes a week after â¹1,200 crore worth of assets of Faraday's parent company LeEco were frozen by a Shanghai court over unpaid debts. Faraday was supposed to build the factory on a 900-acre site.