A California maker of electric cars has chosen North Las Vegas for a billion electric car factory, with the first production vehicle planned to roll out in 2017.
Faraday Future announced its intent to invest $1 billion into building a factory in the Apex Industrial Park in North Las Vegas and employ 4,500 workers. To help ensure it happens, Nevada lawmakers enacted $215 million tax abatements and special tax credits to help secure North Las Vegas as the site of the new automotive plant.
The factory will be located in the northeast area of the Las Vegas Valley, and local and state officials hope it spurs additional investment in home building in the North Las Vegas area, which was the nation’s fastest growing city prior to the 2008 economic collapse that led to the Great Recession.
Georgia and Illinois also wanted the Faraday Future electric car plant and had the added benefit of existing automotive plants and better incentives, but the higher cost of doing business in those states over the long run made Nevada the best choice, due to its more business-friendly environment and tax structure, according to Faraday Future.
In addition to 4,500 direct full-time jobs, Faraday Future estimates its plant will results in 9,000 indirect jobs to support the factory and its workers, bringing the total economic impact to about 13,500 estimated full-time jobs.
Faraday Future also estimates the project will create 3,000 construction jobs, while the factory is built.
Nevada officials estimate the electric car plant will create $230 million in additional state revenues over the next 20 years, $270 million for local governments, and another $260 million for state education. Faraday also pledged to donate $1 million per year to Nevada schools starting during the 2018-2019 school year.
