Faraday Follows Tesla to Nevada for $1 Billion Auto Factory
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By Dana Hull & James Nash, Bloomberg Business December 9, 2015 — 4:23 PM PST
Faraday Future, the electric-vehicle startup backed by Chinese billionaire Jia Yueting, plans to manufacture its first car in 2017 at a $1 billion factory near Las Vegas, company and Nevada officials said.
North Las Vegas prevailed over cities in California, Georgia and Louisiana as the site of California-based Faraday's first manufacturing operation, which may break ground as soon as January. Rival Tesla Motors Inc. is building the world's largest lithium-ion battery factory east of Reno after choosing Nevada over four other states.
"This solidifies Nevada as the place where the future of transport is happening," the state's economic-development director, Steve Hill, said Thursday on a conference call with reporters. "People throughout the globe, throughout the country, are talking about Nevada. This is an exceptional opportunity."
Though automakers have struggled to find profits with electric models, Faraday has said it aims to make money not just on the vehicles but on subscriptions for applications and infotainment piped into the car. The company plans to unveil a concept car next month at the CES electronics show in Las Vegas. Yueting is founder and chairman of Leshi Television, a Chinese online video site.
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 expects to have 4,500 employees with an average wage of $22 an hour at the North Las Vegas factory, he said. The plant is expected to have a total economic impact of $85 billion over 20 years and generate $760 million in tax revenue during that period for state and local governments and schools, Hill said.
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