The company has dropped plans to build a billion-dollar factory in Nevada, instead focusing on a "turn-key facility that offers a faster path to production."

Faraday Future has signed a lease for a new manufacturing facility in Hanford, California.

The ambitious startup initially intended to start producing vehicles in North Las Vegas and return to California for its second manufacturing facility, but financing troubles apparently killed the plans for a billion-dollar factory in Nevada.

"Faraday Future had recently announced that it was shifting its manufacturing focus to a turn-key facility that offers a faster path to production," the company said in a statement. "The facility marks another significant step forward for the company in delivering its first production vehicle, FF 91, to market by the end of 2018."

FF broke ground at its Nevada property a year ago but the construction project quickly stalled after contractors claimed the startup was not paying its bills on time. The company now claims it can keep its production schedule despite the "turn-key" facility still housing other tenants through late November.

"After Saturday's event, Faraday Future will continue the process of site preparations, including planning, refurbishment, and permitting.," the company said. "Faraday Future's new manufacturing facility is 1M sq. ft., and will employ up to 1,300 workers, over 3 shifts, over time."

Faraday Future has outlined a new leadership team with industry veterans appointed to COO/CFO, CTO and other positions, but there is still no CEO on paper. Reports suggest the company could still be effectively controlled by Chinese billionaire Jia Yueting, a controversial figure who was recently subject to an asset freeze worth nearly $200 million USD at his more valuable company, LeEco.