Faraday Future, a new electric vehicle and future mobility startup company, announced plans to invest US$1 billion to build its first manufacturing facility in in a Las Vegas suburb to make what it touts as “cars of the future”.
The 3-million-square-foot plant would create approximately 4,500 jobs in the area and is contingent on the approval of a US$250mil incentive package by the Nevada state legislature, which would include tax abatements and tax credits.
“We have completed a lengthy and thorough site selection process, and are thrilled by the opportunity to partner with Nevada to move this project forward, pending legislative approval,” Dag Reckhorn, Faraday’s vice president of global manufacturing, said in a statement. “We are eager to begin production of our vehicle of the future; it will embrace the increasingly intrinsic relationship between technology and mobility.”
Faraday has said it aims to make money not just on the vehicles but on subscriptions for applications and infotainment piped into the car. The company plans to introduce its first car in 2017, after unveiling a concept next month at the CES electronics show in Las Vegas.
Faraday Future is one of several startups in China and the United States focused on building electric cars to rival Tesla’s.
In September, Beijing Electric Vehicle Co, an affiliate of government-owned BAIC Motor Corp Ltd, said it opened a technology research center in California’s Silicon Valley and is teaming with US electric-car startup Atieva to develop electric vehicles for China and global markets.
State-owned Chinese automaker SAIC Motor Corp is also setting up a research facility in Silicon Valley and is developing electric and self-driving cars.