1. Chinese-backed electric carmaker Faraday Future picks Nevada for $1 bn plant

Chinese-backed electric carmaker Faraday Future picks Nevada for $1 bn plant

A Chinese-backed electric carmaker plans to build a $1 billion manufacturing plant outside Las Vegas. A letter to Nevada officials that The Associated Press obtained Wednesday says the company will build in North Las Vegas. The letter is signed by billionaire Chinese investor Jia Yueting (ZHAW' YOO'-weh-ting), a major financial backer of California-based Faraday Future.

By: | Published: December 11, 2015 8:53 AM

A Chinese-backed electric carmaker plans to build a $1 billion manufacturing plant outside Las Vegas. A letter to Nevada officials that The Associated Press obtained Wednesday says the company will build in North Las Vegas. The letter is signed by billionaire Chinese investor Jia Yueting (ZHAW’ YOO’-weh-ting), a major financial backer of California-based Faraday Future.

Nevada officials scheduled a news conference Thursday to formally announce the deal.

Lawmakers still would need to authorize tax incentives as part of the deal. Last year, the Legislature did so to secure a massive battery factory by another upstart electric carmaker, Tesla Motors.

Faraday Future wants to bring a vehicle to market as early as 2017. It said California, Georgia, Louisiana and Nevada were factory finalists.

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