Chinese Electric Car Company to Bid for $1 bn Factory in Nevada

Published Date : Dec 11, 2015

A Chinese billionaire company is set to bet on Las Vegas to win the bid in the electric car segment, expressing its intensions to build $1 bn factory in the region of Nevada. Jia Yueting, the founder of one of the biggest Chinese online video firm announced his plans for final assembly plant for the new company called as Faraday Future that is aimed at manufacturing electric cars. With a hope to bring the $1 bn investment to North Las Vegas, the company is expected to open its first manufacturing plant creating 4,500 job opportunities, stated Jia.  

Realization of Las Vegas plant will define when will be the vehicles built and sold. Jia’s company plans to present the first new design concept during the Consumer Electronics Show that is to be held next month. New electric vehicles are scheduled to be introduced in the global market in 2017.

As per the press conference held by Republican Gov. Brian Sandoval on Thursday, Dec 10th, 2015, the investment plan and a tentative agreement plan to build the new plant in North Las Vegas was announced. A special session by state legislation was also delivered to further discuss tax incentives. Jia disclosed the company’s plans to revolutionize the global auto industry with this project. Faraday Future is considered to be sustained by a number of ex-Tesla, BMW and also by other tech and auto executives, with operating offices in Duesseldorf, Germany, Beijing in China, and Silicon Valley in Los Angeles. 

A number of China-based auto companies are trying their best at the U.S. transportation, including an electric bus line and a train that is proposed to run from Southern California to Las Vegas. As per economic professor Edward Learner, the entire electronic vehicle market is facing tough competition as oil prices are low.