Nevada Office Of Economic Development Confident Faraday Future Will Succeed

2 months ago by Eric Loveday 12

Faraday Future FF91

Faraday Future isn’t down for the count, according to Nevada’s office of economic development executive director, Steve Hill.

Despite multiple reports suggesting that Faraday was close to closing shop, Hill says that’s simply not true.

Faraday Future FF 91

According to Hill, Faraday has invested some $160 million into purchasing property in Nevada and is in the process of engineering work for its factory, as well as in contact with local utilities to get the necessary infrastructure in place.

Of the FF 91 reveal, Hill stated:

“[it’s] is a significant milestone that provides significant value for that company.”

The next step is to “manufacture it, get it out the door and sell it,” according to Hill.

As Record Courier reports:

“…instead of moving immediately to build a huge factory, Hill said they’re planning to “phase the construction of their facility” and will break ground this spring on a 650,000 square foot factory that will open in 2018 and be able to make up to 12,000 cars a year.”

Hill approves of this less is more strategy, saying “Frankly I think it’s a smart strategy.”

The long-term goal for Faraday is to construct a 1.6 million square foot factory and 1.4 million square foot office complex.

Recently, Faraday stated they were entering “Phase Two” of its plant plans, reaffirming 2018 deliveries. Press release on that is below:

Faraday Future’s North Las Vegas site modelling

Update Phase Two Plant Moves On To Competitive Bidding

FARADAY FUTURE COMMITTED TO DELIVER OUR VEHICLES IN 2018

Faraday Future is providing an update announcing that the 2nd Phase of Stage 1 Manufacturing Project at APEX site has entered the competitive bidding process. Currently we’ve received five proposals from top US and international contractors. Faraday Future will move along with this competitive bidding process after vetted discussion, and we look forward to starting the construction of our Phase 2 plant as soon as possible.

Our Phase 2 construction includes an additional facility which will be built onsite to deliver our flagship vehicle, the FF 91, including the ultra-luxury limited Alliance Edition models, for our first group of users globally. This plant is an extra investment made to facilitate the orders Faraday Future received, which far exceeded expectations after the CES reveal of our first production car.

Faraday Future wants to reinforce that our commitment to the State of Nevada and our $1B investment in the region over the next few years has never changed. We’ve completed the initial preparations of the site, which included the removal of 2.5M cubic yards of dirt and grading of the entire site. Our initial investment of $120 million in Nevada has also created hundreds of jobs locally. Faraday Future and its employees in Nevada and California are working diligently to continue the company’s progress and are moving forward on our multi-staged manufacturing strategy

Source: Record Courier

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14 responses to "Nevada Office Of Economic Development Confident Faraday Future Will Succeed"

  1. John says:

    Nope.

    Just nope.

    1. John says:

      What we need is competitors to the Honda Civic, Toyota Corolla, Chevrolet Cruze, Ford Focus, etc.

      We DO NOT need any more $100k+ Tesla Model S Competitors. C’Mon!!!

  2. ffbj says:

    Are they trying to put me off my feed?

  3. MikeG says:

    This is happy talk from the OED vs. the straight-talk from Nevada treasurer who is elected by the people to oversee the state’s finances.
    I know which one to tune out.

    1. Pushmi-Pullyu says:

      Apparently there is a public clash between Nevada’s Governor, who is promoting FF, and the State Treasurer, who is sounding the alarm. Mr. Hill, who is quoted in the article above, works for the Governor’s office, so it looks like he’s just parroting the Governor’s talking points.

      http://www.businessinsider.com/faraday-future-nevada-governor-treasurer-statement-2016-12

  4. CDAVIS says:

    Someone please explain to me why the Nevada Office of Economic Development is providing significant financial assistance to FF (a Chinese owned company with Chinese Nation State backing specifically intended to displace Tesla in China)?

    Is it Ignorance? Corruption? Both?

    This FF Nevada factory is marketing window dressing for the Chinese public audience. Yes some FF cars may be built in Nevada but the high volume production will be reserved for Chinese located factories to supply the local Chinese market.

    So Nevada taxpayer dollars are financing an effort to put Tesla out of business in China…bigly amazing.

    My hope is that InsideEVs has the courage to do an investigative article about the how, what and why of FF.

    From InsideEVs About Page:

    “Inside EVs was created to not just publish the breaking news of the day, but to go behind it, to create it, and most importantly to examine the how, what and why of electric vehicles.”

    1. TS says:

      Huh?

      “Nevada Office of Economic Development is providing SIGNIFICANT financial assistance to FF “??

      Care to explain??

    2. Pushmi-Pullyu says:

      Calm down. The State of Nevada is not providing “substantial” financial assistance to Faraday Failure, and won’t if FF can’t show it’s on solid financial footing.

      Quoting from “Nevada official voices concerns about Faraday Future financial problems”:

      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
      Steve Hill, executive director of the Governor’s Office of Economic Development and one of the biggest proponents of the Faraday project […]

      “Since the beginning of our negotiations with Faraday Future, GOED has always ensured that the best interest of the state and its taxpayers were the top priority,” Hill said in a statement. “The State’s agreement with Faraday anticipated a range of possible outcomes, offering Nevadans new opportunities if Faraday succeeds, while protecting the state in the event it did not.”

      In addition, he said that no Nevada money has so far been put at risk, as Faraday does not earn abatements until they cross a $1 billion investment threshold on the site. And bonds to fund infrastructure improvements will not be issued until Faraday provides security equal to the amount of the bonds.
      ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

      http://www.reviewjournal.com/business/nevada-official-voices-concerns-about-faraday-future-financial-problems

  5. Nix says:

    Imagine you are a Nevada gov’t official, representing the people of Nevada.

    You get a call from a news agency, and they start asking you about a company with a factory in Nevada who employs people from Nevada, and hopefully will employ even more people from Nevada.

    Are you going to trash that company to the media? No.

    No news here. Move along.

  6. James says:

    Did Nevada legalize marijuana, because I want to buy whatever he’s smoking.

  7. Pushmi-Pullyu says:

    It’s bad enough when a spokesman has to lie about his own company. I imagine that too much of that sort of thing is soul-destroying.

    But feeling compelled to lie about a company you don’t even work for, just because your bosses made a financial deal with that company and it’s circling the drain, must be even worse.

    So, despite the utter mendacity he displayed regarding Faraday Failure, I’m trying to have some sympathy for Mr. Hill. I imagine he felt lower than a snake’s belly after that interview.

  8. leafowner says:

    Is this an example of all the fake news we have been hearing about????

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