Announced today at a press conference attended by Governor Brian Sandoval was Faraday Future’s decision to establish its first production facility in the city of North Las Vegas. Sandoval will probably have to convene a special session of the legislature to approve any tax incentives.
Advertisement
“We hope to bring our $1 billion investment to North Las Vegas and our open our first manufacturing facility there, creating 4,500 jobs”, he said, according to Bloomberg.
He also said the project is expected to produce about $760 million in tax revenue over a 20 year-period for state, local and K-12 education.
Image: Faraday Future factory design concept.
Faraday Future officials declined to say whether California offered such incentives, citing a nondisclosure agreement.
When and how the pipeline is built and paid for is likely to be “the subject of some intense discussions” in the future, said John Entsminger, general manager of the Southern Nevada Water Authority, the wholesale water supplier for North Las Vegas and the rest of the Las Vegas Valley.
“We have not only an incredible team of talents but a new way of thinking which is outside the current automotive box”, said Dag Reckhorn, Faraday Global vice president. In November, the company said it planned to invest in a new factory, but at the time it hadn’t determined the final location.
A sign advertises Mountain View Industrial Park near Apex Industrial Park on Wednesday, Dec. 9, 2015, in North Las Vegas, Nev. Yueting is founder and chairman of Leshi Television, a Chinese online video site.
Faraday Future’s new factory will be built in Clark County’s APEX Industrial Park and ground breaking for the plant is scheduled in January.
Economics Professor Edward Leamer, director of the Anderson Forecast at the University of California, Los Angeles, said an upstart company might find it hard to sell enough vehicles to break even. He called it a risk to install machinery, hire people and create an assembly line in the intensely competitive automobile market. “You don’t need a large building to develop technologies”.
Advertisement
Rindels reported from Carson City, Nevada.
