Earlier this month, we reported on Faraday Future’s plan to build its electric vehicle factory in North Las Vegas. Now we learn (via AP) that during the weekend, Nevada Gov. Brian Sandoval approved a $335 million incentive package in a deal that will bring Faraday Future’s factory to a Las Vegas suburb.
Under the incentive package, the state will offer “$215 million in tax credits and abatements, and publicly finance $120 million in infrastructure improvements at an underdeveloped industrial park in North Las Vegas”.
The deal is reminiscent of Nevada’s incentive package for Tesla’s Gigafactory announced last year. While Tesla’s package is valued at $1.3 billion, mainly in the form of tax credits over a 20-year period, the company says it will invest at least $4 billion into the project. Faraday Future is currently talking about a “1$ billion factory”.
Faraday plans to bring to market its first vehicle in 2017 and to unveil the concept at CES 2016 in just a few weeks, which we will be covering.
Our recent coverage of Faraday Future:
- Tesla’s biggest competition for talent might not be Apple but Faraday Future, an LeTV-backed startup in Los Angeles
- Interview with Nick Sampson and Richard Kim from Faraday Future
- Faraday Future to invest $1 billion in a US factory to build its long-range electric vehicle
- “We’re not Tesla. But we’re not Fisker either. We’re not fucking around.” – Faraday Future; a new electric vehicle company
Featured image: Faraday Future’s factory concept.