A new competitor is in town, and not only will it be making cars for the future like Tesla, but will also be operating in neighboring state, Vegas.
Business Insider reported, the upstart, California-based automaker chose Nevada over three other states and after extensive negotiations with Nevada's economic development team. Its tentative agreement to build the factory is contingent upon the state authorizing major tax incentives.
"I'm excited about the opportunity and I hope it works out," said Republican Assembly Majority Leader Paul Anderson, who will need to rally legislative support for the deal. "I look forward to working with people across the board to see if we can get these jobs created."
The company is backed by Chinese billionaire Jia Yueting, who will meet Republican Government Brian Sandoval today to make a formal announcement regarding the agreement of opening the plant in Nevada, Vegas. “We plan to revolutionize the automobile industry by creating an integrated, intelligent mobility system that protects the earth and improves the living environment of mankind," Jia Yueting wrote.
Business Insider further reported that Faraday has offered few details on its product so far, but has spoken in broad terms about its vision to transform transportation and said it has a diverse funding strategy to bring it to life.
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