Faraday Future Gets $335 Million In Incentives From State Of Nevada

1 year ago by Mark Kane 21

Faraday Future factory rendering in Nevada

Faraday Future factory rendering in Nevada

Nevada Gov. Brian Sandoval

Nevada Gov. Brian Sandoval

Faraday Future secured  $335 million in incentives from the state of Nevada to build the huge FF sign in the middle of the desert its $1 billion electric car factory.

FF concept electric car is to be unveiled at 2016 CES in January, while 4,500 direct jobs at the factory groundbreaking is scheduled for early 2016.

Faraday Future is backed by Chinese billionaire Jia Yueting, who seriously intends to introduce on the market some revolutionary EVs.

The other states that lost out to Nevada in the bid to secure Faraday include California, Louisiana and Georgia.

“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.

While Nevada is known for its libertarian leanings and lack of a state income tax, people who hammered out the deal say other factors ultimately won the company over.


Source: usnews.com

Tags: , , , ,

21 responses to "Faraday Future Gets $335 Million In Incentives From State Of Nevada"

  1. mhpr262 says:

    I am really curious as to what will come of THAT one …

    1. wavelet says:

      ++
      I hope Nevada won’t regret this…

  2. LonestarV says:

    Haven’t heard a lot about this. So they are making this size of investment, etc and they haven’t even shown a concept yet?

    1. John says:

      Just because *we* haven’t seen the concept yet, doesn’t mean the people with the checkbooks haven’t seen it. 🙂

    2. Anthony says:

      The debut is only a few weeks away (CES 2016 in Las Vegas – January 6-9, 2016). So it wont be long before everyone sees what they are going to be selling.

  3. mrenergyczar says:

    Maybe they’re building an exact Tesla Model S but for half the price….

    1. mhpr262 says:

      Yup … with “more affordable” engineering and materials

  4. ffbj says:

    Hey kids. Its a beautiful day in the neighborhood. Today’s word is “Vaporware.”
    Can you say V A P O R W A R E?

    1. Mikael says:

      Why so negative? Got any reason to think this is not serious?

      Some part skepticism is always good, but just calling it vaporware feels a bit immature.

      1. ffbj says:

        True, it was immature. They just feel smarmy too me. Show me a picture of some scrub brush in the desert and say:
        ‘Home of our new factory.’
        I don’t buy it. Apparently LV does, but I am from Missouri.

        1. sven says:

          Meh. Can I interest you in some Tesla vaporware instead?

          https://www.youtube.com/watch?v=JJMaBaTVc_c

  5. Jay Cole says:

    Just going to tack this on below some of the other comments, and I’m not sure what exactly we are allowed/suppose to talk about. But there is stuff/media co-ordination happening behind the scenes ahead of the CES debut with FF.

    From a first impression standpoint with talking to Faraday already, it has been quite refreshing/unexpected.

    Sidenote: The whole of 2015 was mostly a drag (imo), but from what we have seen so far, the show season between CES and NY this year in the US is very encouraging/much improved. Plug-in tech almost seemed like after thought in 2015…not so much this time around it seems.

    There are some much more difficult compliance hurdles to overcome shortly…as well as rising customer expectations at the same time.

    1. EV Livin' says:

      Interesting teaser.

  6. RexxSee says:

    A nice competitor to Tesla… that will partner to expand the Super Charger network…
    And solar cells incrusted in the body of the car.

  7. Pete Bauer says:

    Nice to see the competition. But it will take them at least 3-5 years to get the handle of the product and the mass sales.

    By this time, Apple may also be selling EVs.

    1. SJC says:

      Apple could just buy Faraday in a few years.

      1. Three Electrics says:

        And, in fact, they should buy FF if they can’t find another manufacturing partner. Google has hitched up with Ford. Apple and BMW are the most likely partners, but failing that, an in-progress factory is a valuable thing, indeed.

  8. shane says:

    Best wishes to them. Entering capital intensive markets (autos, aerospace, etc) takes very deep pockets and alot of patience. 3-5 years, as was mentioned, seems like a minimum. Tesla has made great strides by being way ahead of everyone else. I’m not sure that “gap” still exists for a new “Tesla”. Of course it isn’t my money. The DC-10/L1011 debacle comes to mind.

  9. Pushmi-Pullyu says:

    In my comment on the first article on FF at InsideEVs, I expressed quite a bit of skepticism… and got jumped on by more than one other post-er for it.

    Well, we’re not used to seeing such large companies spring up like mushrooms. A company which has nothing but a website, a concept drawing of a building, and announces grandiose plans, is nearly always the sign of a company that is either a hopeless startup or an outright scam… or somewhere in between.

    But if they have convinced the State of Nevada that this is something worthy of the State making serious commitments, then this is looking a lot more like something real.

    Good luck to Faraday Future, and I hope it turns out a lot better for them than it did for CODA, which was the last startup auto maker based in China which tried to do business in the USA.

    Of course, FF and CODA have very different business plans. CODA made cars in China and tried to sell them in the USA, whereas apparently the plan for FF is the reverse.

  10. Red HHR says:

    Hasn’t FF been hiring some top notch people over the past couple years? Should be an interesting product.