Nevada has given a potential Tesla-killer $335 million in tax incentives

All we really know about Faraday Future is that it has a lot of financial backing, it has some of the biggest names in both the automotive and technology industries working for it, and it wants to put a Tesla-killer on the road by 2020. We also know that it’s working on at least one electric vehicle, but we have no idea what the vehicle looks or performs like. Even so, the company is moving forward rather quickly, as it’s already received $335 million in tax incentives from the State of Nevada to build its own factory, which is coincidentally the same state that Tesla chose to build its Gigafactory. 

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).