CARSON CITY, Nev. (AP) — 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.
The upstart, California-based automaker chose Nevada over three other states and after extensive negotiations with Nevada’s economic development team. Its tentative agreement to build the factory is contingent upon the state authorizing major tax incentives.
The letter to Nevada officials, obtained by The Associated Press, is signed by Jia Yueting (ZHAW’ YOO’-weh-ting), a Chinese billionaire investor who styles himself after Apple’s late Steve Jobs. Faraday hopes to bring a vehicle to market as early as 2017 but has yet to unveil a concept car.
Nevada officials scheduled a news conference in Las Vegas on Thursday that’s expected to include a formal announcement of an agreement to bring the plant to North Las Vegas. Tax incentives to seal the deal would need authorization from Nevada lawmakers, who approved a $1.3 billion incentive package in a special session last year to secure electric carmaker Tesla Motors’ massive battery factory outside of Reno.
Republican Gov. Brian Sandoval, who met with Faraday representatives in China this fall as part of a year of negotiations, would need to summon lawmakers to Carson City for a special session to finalize the agreement.