[naviga:h3]Electric car maker scraps plant plans[/naviga:h3]

CARSON CITY, Nev. — An electric car maker deserted its plan to construct a $1 billion manufacturing plant in southern Nevada in a move experts say could spell trouble for the company and the broader niche electric automobile businesses.

Faraday Future Chief Financial Officer Stefan Krause said Monday’s decision to scrap the plant was due to a shift in business strategy. The Gardena, Calif.-based company said that it will now look for an existing facility to produce its electric vehicles in California or Nevada.

Faraday Future halted work on the project outside Las Vegas in November, at the time calling the stoppage a “temporary adjustment” that wouldn’t affect plans to begin production in 2018. It put $120 million-plus into the project.

[naviga:h3]China car sales rebound in June[/naviga:h3]

BEIJING — China’s auto sales rebounded in June on the strength of SUV demand but rose just 2.3 percent from a year earlier following a sales tax hike and weak economic growth.

Drivers in the world’s biggest auto market by number of vehicles sold bought 1.8 million sedans, SUVs and minivans, an industry group said Monday. Sales in May shrank 2.6 percent.

Total vehicle sales, including trucks and buses, rose 3.6 percent to 2.2 million, according to the China Association of Automobile Manufacturers.

SUV sales rose 15.7 percent to 741,000, helping to offset a 4.3 percent contraction in purchases of sedans to 883,000.

Passenger vehicle sales for the first half of the year rose just 1.6 percent from a year earlier to 11.2 million, down sharply from 2016’s full-year growth of 15 percent.

[naviga:h3]Exchange founder pleads innocent[/naviga:h3]

TOKYO — The head of the failed Japan-based bitcoin exchange Mt. Gox has pleaded innocent to charges of embezzlement and data manipulation.

France-born Mark Karpeles went on trial today, suspected of accessing the exchange’s computer system in February 2013 and inflating his account. Speaking after the hearing, Karpeles said he was not guilty and that he was still analyzing data, trying to figure out what went wrong.

Mt. Gox shut down in February 2014, saying it had gone bankrupt after losing about 850,000 bitcoins, possibly to hackers.

Karpeles was arrested in August 2015 and released on bail last year. He has denied wrongdoing. If found guilty of embezzlement, he could face up to five years in prison, or a fine of up to $4,000.

[naviga:h3]Seattle approves tax on wealthy[/naviga:h3]

SEATTLE — The Seattle City Council unanimously approved an income tax on wealthy residents Monday, a move expected to draw a quick legal challenge.

The measure applies a 2.25 percent tax on total income above $250,000 for individuals and above $500,000 for married couples filing their taxes together.

The city estimates the tax would raise about $140 million a year and cost $10 million to $13 million to set up, plus $5 million to $6 million per year to manage and enforce.