Faraday Futures, a new automotive upstart that is aiming to sell its first vehicle by 2017, has announced that it will build a $1 billion factory just north of Las Vegas, Nevada.
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Company officials say they plan to invest $1 billion in the facility that will create 4,500 jobs.
While details about Faraday remain vague, such as the identity of its CEO and its battery supplier, the company is assembling a staff that includes former employees of Tesla, BMW and other automaking giants.
Nevada beat California as well as Georgia and Louisiana in the competition to be home for the plant.
Faraday said in the press release that they plan to produce 100 percent electric vehicles that offer seamless connectivity to the outside world. “That whole electric vehicle marketplace is tough, with oil prices low”.
The deal involves $120 million in public infrastructure improvements to upgrade the Apex Industrial Park in North Las Vegas, and an additional $70 million or so in investments from private landowners. For a company that has yet to even show a concept, that’s hard to believe, but Faraday is expected to bring one to CES next month.
Mayor John Lee called the site choice “a transformational opportunity” for his city of about 220,000 residents.
The 3 million-square-foot (280,000-square-meter) factory would cement a turnaround for North Las Vegas, which was one of the country’s fastest-growing cities in the 2000s before the housing-market collapse almost pushed it into insolvency. In addition to the abatements, state officials estimate that the company will be eligible for about $38 million in transferrable tax credits. This time, Sandoval will ask lawmakers to create a middle-tier option for Faraday’s factory and any other similar-sized projects.
Dag Reckhorn, Faraday Future’s vice president of global manufacturing, said the incentives from Nevada were an “important piece” of the decision but not the only factor. If you would like to discuss another topic, look for a relevant article.
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