Chinese-backed electric carmaker picks Nevada for $1B plant [View all]

Source: AP

By MICHELLE RINDELS and JUSTIN PRITCHARD

CARSON CITY, Nev. (AP) — A Chinese-backed electric car company with visions of revolutionizing transportation — but no product to show yet — announced plans Wednesday to build a $1 billion plant near Las Vegas, marking the second time in just over a year that Nevada has landed a coveted project from the budding industry.

California-based automaker Faraday Future's choice of Nevada over three other states is contingent on state lawmakers' approval of tax incentives that haven't been publicly described. The company's announcement, in a letter to Nevada legislators that was obtained by The Associated Press, also came with the revelation that it's backed by a Chinese billionaire investor who styles himself after Apple's late Steve Jobs.

"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," wrote Jia Yueting (ZHAW' YOO'-weh-ting), who's the founder and CEO of the holding company LeTV.

Faraday has offered few details on its product so far, but has said it hopes to bring a vehicle to market as early as 2017 and plans to unveil a concept car in January ahead of the Consumer Electronics Show in Las Vegas.

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A sign advertises Mountain View Industrial Park near Apex Industrial Park on Wednesday, Dec. 9, 2015, in North Las Vegas, Nev. Chinese-backed electric carmaker Faraday Future plans to build a manufacturing plant near the site, according to a letter the company sent Nevada officials Wednesday. (AP Photo/John Locher)

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