Faraday Future Picks Factory Location to Build the Car Nobody’s Seen Yet

The letter, obtained by The Associated Press, is signed by Jia Yueting, a Chinese billionaire investor who styles himself after Apple’s late Steve Jobs and signed the letter in his capacity as founder and CEO of the holding company LeTV.

Nevada Governor Brian Sandoval laid out some of the details Thursday in a deal that could bring thousands of jobs to Nevada.

Faraday Future, the electric vehicle company aiming to rival Tesla Motors has chose to set up a factory in Nevada.

Faraday Future, the upstart auto company challenging Tesla, is setting up shop in Nevada – just like Tesla.

California-based automaker Faraday Future’s choice of Nevada over three other states is contingent on state lawmakers’ approval of tax incentives that haven’t been publicly described. Like Tesla, Faraday will need to show that at least half of its workers are from Nevada. “We prayed for this day, but we didn’t know if we’d see this day”, North Las Vegas Mayor John Lee said.

Direct economic impact from the project is expected to be $55 billion over 20 years.

Faraday Future is looking to take on Tesla in the electric vehicle market and is actually made up of many former Tesla employees. While North Las Vegas has pushed for the creation of a water pipeline to Apex, water for Faraday will be pumped from the ground. It hopes to bring a vehicle to market as early as 2017. Andy Mace said, “Our search evaluated locations across the US and Mexico, taking a balanced view of numerous economic, non-economic and timing considerations to support Faraday Future’s goal to find the optimal location to launch its brand and production”.

The company’s project includes a $1 billion investment in manufacturing within the next 10 years, 4,500 direct jobs on site, and thousands more indirect jobs in the community.

State officials project Faraday will employ 4,500 people by 2023, earning an average of $22 per hour.