“North Las Vegas’ long list of benefits made the decision for our plant’s placement a relatively easy one”, states a company announcement.
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Based in southern California, Faraday Future has revealed little so far about its plans, or even its financial backers or resources. He wrote: “We hope to bring our $1 billion investment to North Las Vegas and open our first manufacturing facility there, creating 4,500 jobs”.
The company will announce a partnership with Nevada to built its factory in a Northern Las Vegas suburb.
Nevada is prepared to offer $215 million in tax incentives and credits over 15 years, including a total writedown of sales taxes, Hill said, subject to approval by the state Legislature. Faraday Future’s $1 billion factory wouldn’t qualify.
Nevada Gov. Brian Sandoval shakes hands with attendees after a news conference.
Nevada beat California as well as Georgia and Louisiana in the competition to be home for the plant. Negotiations with Nevada politicians are on tap.
“Is this good for Nevada?” Faraday hopes to break ground on a 3 million square foot facility in North Las Vegas in January. Yueting’s company plans to present the first design concept at next month’s Consumer Electronics Show, and then introduce the vehicle in 2017. He styles himself after Apple’s late Steve Jobs. Last year, tax incentives helped Tesla Motors to build their battery “Giga Factory” in Northern Nevada.
Once the company hits the threshold of investing $1 billion in the project, it could tap into the money stored in the trust fund. Faraday would also receive a 75 percent abatement of property tax and the modified business tax for 10 years, as opposed to the 100 percent Tesla receives. Like Tesla, Faraday’s auto will be all-electric, and debut at the high end.
“Our search evaluated locations across the US and Mexico, taking a balanced view of numerous economic, non-economic and timing considerations to support Faraday Future’s goal to find the optimal location to launch its brand and production”, added Mace.
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Other improvement projects include building a rail port at the park. Construction is expected to employ 3,000 workers. The company expects to create 4,500 new jobs as part of what it considers the first phase of the project.
