Nevada Targets $335 Million Deal to Lure EV Factory

The state of Nevada plans to offer $335 million in tax incentives and infrastructure improvements to attract a $1 billion electric-car factory planned by secretive California-based startup Faraday Future Inc.

Gov. Brian Sandoval claims the project could contribute $85 billion to the Nevada economy over 20 years. He intends to convene a special session of the state legislature before Christmas to approve the package.

Faraday Future hopes to break ground on the 3 million-sq-ft plant in North Las Vegas in January, according to the Associated Press. The company says it will unveil its car, or at least parts of it, in concept form at the Consumer Electronics Show in Las Vegas in January.

But the company remains vague about the details. “We have an internal timeline,” a spokesman told reporters late last week, “but we are not sharing it.”

Nevertheless, Nevada’s proposes to offer the company $215 million in property tax abatements, a refund on 15 years of sales taxes and lowered personal property taxes for 10 years. About half the money rebated to Faraday would be held in escrow until the company’s investment in the state reaches $1 billion.

AP also reports that Nevada proposes to grant Faraday as much as $38 million in transferrable tax credits over six years if the company meets its stated goal of hiring 4,500 people in the state.