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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Among the reasons Faraday chose to put roots down in Nevada are “expansive development space, an enthusiastic workforce, an encouraging tax environment, close proximity to our California headquarters and nearby access to the thriving tourism capital of Las Vegas”.
Faraday’s 3-million-square-foot, 900-acre facility will create 4,500 new jobs, the company said in a statement. Chinese-backed electric carmaker Faraday Future plans to build a manufacturing plant near the site, according to a letter the company sent Nevada officials Wednesday.
In September, the Wall Street Journal reported that Apple had authorized Project Titan to hire an additional 1,200 employees and planned to ship its first auto in 2019.
The 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.
Sandoval plans to convene Nevada lawmakers before Christmas for a special session to authorize the agreement. While there’s always been a society of theory encompassing Faraday Future, it would seem that organization’s open face has begun to harden, and in generally the same locale as its principle rival. Other states, including Georgia and Louisiana, offered the company larger tax breaks. The total economic impact from the new factory is estimated at $85 billion over 20 years.
Six months ago, no one had heard of Faraday, a company backed by tech billionaire Yueting Jia, the Chinese founder and CEO of Leshi Internet & Technology, known as LeTV and widely regarded as China’s answer to Netflix. Like Tesla, Faraday’s vehicle will be all-electric, and debut at the high end.
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“I’m excited about the opportunity and I hope it works out”, said Republican Assembly Majority Leader Paul Anderson, who will need to rally support for the deal among lawmakers, some of whom have publicly expressed skepticism. It also is estimated to create thousands of construction jobs.
