In early 2016, electric vehicle company Faraday Future celebrated a deal with the state of Nevada—in exchange for building a $1 billion factory that would eventually employ up to 4,500 people, the company would get $335 million in tax cuts from the state.

Later that year, Faraday Future negotiated another deal on a former Navy shipyard in Vallejo, California. There, the electric vehicle company would build a second factory and a “customer experience center.”

Now, neither of those two projects is happening as planned. In March, Faraday Future said it would not move forward with the Vallejo site and told investors that it would be cutting its billion-dollar Nevada site down considerably, from a three-million-square-foot facility to a 650,000-square-foot facility. Earlier this month, the Le Eco-backed startup said it wouldn’t be building on the Nevada site at all, opting to put a base at a smaller site in either California or Nevada. It will, however, hold the property it bought at the site for “long-term vehicle manufacturing,” according to the Nevada Independent

The move is not entirely surprising—Faraday Future has struggled with money woes and hasn’t had a production-ready vehicle to date. In 2016, it was hoping to have such a car coming off the lines by 2018, but now that goal is much farther out. Last year, the state treasurer of Nevada traveled to China to personally investigate whether Le Eco had the funds to build the factory, and he seemed to be satisfied.

According to the Nevada Independent, the state hasn’t lost much from the deal, as all tax abatements offered to Faraday Future were deposited in a state-maintained trust fund that Nevada was permitted to hold until Faraday Future spent the agreed-upon $1 billion. The state did fund a four-day special legislative session to approve the deal, which cost $250,000. Faraday, on the other hand, has spent $174 million on the project since 2014.

The electric car maker hasn’t closed up shop entirely—it presented the FF91 concept vehicle at the Consumer Electronics Show this year and took the car to the annual Pike's Peak race in Colorado. It also announced a partnership with American auto racing team Dragon Racing last July, but it stressed that the partnership wouldn’t center on hardware. Instead, Dragon Racing would take advantage of software and intellectual property from the company.

Update: Faraday Future sent Ars a statement Tuesday evening saying that it was shifting direction to "a vehicle usage model that reimagines the way users access mobility."

It added: "Accordingly, we have decided to put a hold on our factory at the APEX site in North Las Vegas. As the land owner, we remain committed to the buildout of the APEX site for long-term vehicle manufacturing and firmly believe North Las Vegas is an ideal place for us to be.

We would like to thank our partners in Nevada for their continued support throughout this process: Governor Sandoval and his office of Economic Development, Clark County and Mayor John Lee and the North Las Vegas officials."

The company also said that it has maintained its partnership with Dragon Racing and in the 2017/2018 season it would be expanding that partnership "to supply hardware and software to help maximize drivetrain performance and vehicle efficiency" (emphasis Faraday's). "In season 5 (2018/19) and beyond, we will implement various FF powertrain components, software, firmware and other hardware as the team sees fit," the company said.