Nevada Lawmakers Approve $335M Deal for Faraday Future Plant
Nevada lawmakers have approved a $335-million incentive package to help ensure Faraday Future builds its plant in Las Vegas.
The upstart American automaker hasn’t even so much has debuted a concept, but has plans to build a $1-billion factory in Las Vegas. The State has voted overwhelmingly in favor of a deal that includes $215 million in tax credits and abatements as well as publicly financing $120 million in infrastructure improvements at an underdeveloped industrial park in the City of North Las Vegas.
Backed by Chinese billionaire Jia Yueting, Faraday Future is expected to debut a concept of its first vehicle at the upcoming 2016 Consumer Electronics Show. The company consists of former Tesla executives and the factory will ideally bring 4,500 jobs to Nevada.
The approval of a deal to lure Faraday Future is similar to what Nevada did to land Tesla’s Gigafactory in Reno. That incentive package was worth $1.3 billion.
Faraday Future hopes to break ground on the new factory in January.
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