Faraday Future to build assembly plant in North Las Vegas

Chinese-backed electric carmaker Faraday Future plans to build a $1 billion manufacturing plant in North Las Vegas, according to a letter the company sent Nevada officials Wednesday.

“We hope to bring our $1 billion investment to North Las Vegas and open our first manufacturing facility there, creating 4,500 jobs”, the letter stated.

Lawmakers still would need to authorize tax incentives as part of the deal. Rival Tesla Motors is building the world’s largest lithium-ion battery factory east of Reno after choosing Nevada over four other states. Nevada topped Georgia, Louisiana and California in competing for the factory. He did say that the deal hinges on approval from the Nevada Legislature.

In 2014, Mr. Sandoval’s board approved tax incentives worth $1.25 billion for Tesla, and other entities with investment budget of at least $3.5 billion over ten years.

Negotiations with Faraday by the governor and Steve Hill, director of the Governor’s Office of Economic Development, have been ongoing about a year.

Faraday Future’s new factory will be built in Clark County’s APEX Industrial Park and ground breaking for the plant is scheduled in January.

The Faraday Future news came a day after another Southern California company working on a futuristic transportation project, Hyperloop Technologies, announced plans to expand to the same industrial park.

During his announcement, Governor Sandoval took a few moments to talk about Nevada’s improving economy. The project would widen the road and build a flyover entrance ramp to the park at a cost of $50 million.

Faraday plans to employ 4,500 people when the plant reaches maturity in 2023. The total economic impact of Faraday’s arrival is projected to be $85 billion over 20 years, mostly through wages.

Faraday also claims there’s no assembly line; instead, it’s “creating a 3 million square foot workshop for passionate creators and diligent visionaries, where new concepts will be refined and implemented”.