Faraday Future says this car will be in production in 2018. Photo: Raphael Orlove

Per the Nevada state law that authorized Faraday Future’s tax sweetener package, the state governor’s office of economic development (GOED) has to submit a “quarterly activity” report on the start-up automaker’s alleged $1 billion factory. The latest? FF has spent $160 million to move dirt around. That’s according to the report, released this week.

Here, according to the GOED, is what has been accomplished as of 2016's fourth quarter:

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Through Q4 2016 FF accomplished the completion of Phase I of the project including the following:

1. Capital Investment of $160,000,000.

2. Completed all site demolition work.

3. Graded and moved over 2.5 million cubic yard of earth on site.

4. Completed installation of the underground sewer.

5. Completed grading with the exception of the north and south channels not required for this phase.

6. Certified that the pad for the factory building is at grade and ready for the start of foundations.

7. Established On-site offices for both Faraday Future employees and the General Contractor.

8. Leased additional interim office and meeting space in the city of North Las Vegas.

In other words, it’s cleared the site and pushed some dirt around. Long way to go until it reaches this:

Photo: Faraday Future

Yeah, things are only in the early stages. Faraday recently announced a plan to build a mini-factory where the capital-f factory is supposed to go, though Faraday insists it’s only temporary so production can begin sooner. But the $1 billion figure for the mega factory is notable because FF needs to spend that much in order to capitalize on the $335 million in tax incentives it received from Nevada lawmakers.

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Worryingly, Faraday Future says that production will begin in 2018 for the FF 91, Faraday’s flagship vehicle that—as the company puts it—will revolutionize the industry.

Still, it feels like a pipe dream against the backdrop of FF’s main financier, LeEco, having to sell off land it purchased only a year ago to shore up finances. But that’s a lot of money for a lot of dirt.