Gov. Brian Sandoval has announced a tentative agreement to bring Chinese-backed electric carmaker Faraday Future’s $1 billion plant to North Las Vegas. No immediate date was set for the session to convene, but Sandoval hinted the call summoning lawmakers to Carson City could come as early as Friday. He’s not alone though, since “there is also a diverse funding strategy to help us fully realize our mission and vision”, Yueting says.
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State officials project Faraday will employ 4,500 people by 2023, earning an average of $22 per hour.
“We plan to revolutionize the automobile industry by creating an integrated, intelligent mobility system that protects the earth and improves the living environment of mankind, so that everyone can breathe clean air and enjoy a seamlessly connected lifestyle”, Jia said in the letter.
An existing statute that paved the way for Tesla to build its $5 billion gigafactory only applies to companies that invest at least $3.5 billion.
One of the investors is Chinese billionaire Jia Yueting, the chief executive of Leshi TV (a sort of Netflix).
Nevada beat California as well as Georgia and Louisiana in the competition to be home for the plant.
The move promises an economic boost that could take the City of North Las Vegas toward financial stability – a city which was once on the brink of a state takeover. But officials say both agreements reflect significant investments required by the companies to qualify for tax breaks.
“It could be tough going”, said Economics Professor Edward Leamer.
It also comes as Nevada, the state hardest-hit by the housing crisis, attempts to diversify its casino-heavy economy by attracting high-tech companies. “That whole electric vehicle marketplace is tough, with oil prices low”. Nick Sampson, former director of vehicle & chassis engineering for Tesla is the official spokesperson Faraday Future was quoted as saying, “With energy constraints, urban crowding, and the increasingly intrinsic relationship we have with technology, today’s cars simply do not meet today’s needs”.
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The Nevada governor made the announcement at a press conference. Though its headquarters are based outside of Los Angeles in Gardena, it’s not surprising that FF selected Nevada for its factory.
