Faraday Future Secured $335 Million In Incentives For Its New Nevada Factory

The mysterious new car company Faraday Future, who promises to have electric cars on the road by 2020, managed to secure 335 million dollars in incentives from the State of Nevada for its new billion dollar manufacturing facility.


The new automaker, with most of its financial backing coming from Chinese LeTV mogul Jia Yueting, confirmed the location of its new factory earlier this month to be located in North Las Vegas after considering plots in Louisiana, Georgia, and California—where the company’s current headquarters is located.

Not much is known about Faraday Future, but they have real funding, a soon-to-be real factory, and really impressive hires to back them, with a head designer from BMW (who lead the BMW i8 team) and a Senior Vice President Nick Sampson who helped Tesla get on its feet.

In order to attract Faraday Future, the State of Nevada voted in favor of offering the company $215 million in tax credits and $120 million in public financing for infrastructure improvements for the factory in North Las Vegas, which may bring up to 4,500 jobs to the area according to AutoGuide. The company plans to break ground in January, following the unveiling of its first concept car at the CES show (which we’ll be checking out).


The State of Nevada previously offered $1.3 billion in incentives to Tesla Motors when it decided to set up the $4 billion gigafactory just outside Sparks, Nevada.

Beyond the incentives offered to the developing and growing wave of technological automakers, the State’s lack of a corporate income tax makes it more, uh, comfortable for a young company to establish a fresh start.


Nevada is the new Michigan. Another logical reason is that Nevada is a lot warmer, but Tesla and Faraday declined to comment, though they did rock some really nice tans.



Contact the author at justin@jalopnik.com or @WestbrookTweets.

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