Luxury electric vehicle manufacturer Faraday Future, which has a manufacturing plant in Hanford, owes nearly $1 million in rent to a landlord in Los Angeles.
The landlord, Rexford Industrial, filed a lawsuit against the company last week in Los Angeles County Superior Court.
The big picture: Per the lawsuit – which was first reported by TechCrunch – Rexford claims that Faraday Future owes $917,887.26 in rent.
- Faraday Future is renting out office space in Gardena for its company headquarters. According to the lawsuit, fair market value for the space is $10,187.23 per day.
- The company also faces a lawsuit, filed in January, from BXP Realty in San Jose for not paying $127,311.16 in rent.
- That total comes after BXP Realty applied a $99,518 security deposit, and the realty company is asking the Santa Clara County Superior Court to remove Faraday Future from the building.
What they’re saying: “We are actively working with the landlord of our office in both San Jose and our HQ in Gardena and are in negotiations to resolve the situation with both amicably and as quickly as possible,” Faraday Future said in a statement.
Recent troubles: Faraday Future’s issues paying rent follows news from late last year that the company is at risk of being delisted from Nasdaq.
- The market sent a notice to Faraday Future warning the company that it needs to have a minimum closing share price of $1 dollar.
- Faraday Future’s stock price at publication on Friday was below $0.09 and has not been above $1 since last November.
- The company peaked at $1,476 per share in January 2021.
