LAS VEGAS (AP) – Nevada plans to offer $335 million in state tax incentives and infrastructure upgrades to an upstart, Chinese investor-backed electric carmaker that wants to build $1 billion production plant in a Las Vegas suburb – an agreement Gov. Brian Sandoval called a good bet for Nevada’s future.
The Republican governor on Thursday formally announced a tentative deal with Faraday Future, and projected the overall economic impact on the local and state economy would be $85 billion over 20 years.
“Is this good for Nevada? The answer (is) a resounding yes, yes, yes,” Sandoval told applauding public officials, state lawmakers and union members at a ceremony in Las Vegas.
The governor didn’t set a date, but made it clear he plans to convene Nevada lawmakers before Christmas for a short special session for the Legislature to authorize the agreement. Faraday hopes to break ground on a 3 million square foot facility in North Las Vegas in January.
The Gardena, California-based company has offered few details about its product, but plans to unveil a concept car ahead of the Consumer Electronics Show in Las Vegas in January. It hopes to bring a vehicle to market as early as 2017.