Only two months ago, Nevada Gov. Brian Sandoval approved a $335 million incentive package in a deal to secure that Faraday Future will build a $1 billion electric car factory in the state, more specifically in North Las Vegas. Now after the company reportedly broke ground at the site just a few weeks ago, we learn that Nevada Treasurer Dan Schwartz is questioning Faraday’s financial health after inquiries and a visit to China.
It looks like Faraday is subject to its fair share of scrutiny, especially after both Nevada and Tesla were criticized over the size of the incentive package the state agreed to give Tesla to build its Gigafactory near Reno. The package has been widely reported to be worth $1.3 billion and contributed to Tesla’s image as been dependent on government subsidies, but it’s important to understand that the incentives are spread out on 20 years and contingent on Tesla spending close to $100 billion at the factory during the same period. expand full story