Nevada wants collateral for Faraday Future's plant incentives
Schwartz was once a banker in Hong Kong and recently went on vacation there. He allegedly learned from a friend and another banker that Leshi might have trouble affording the factory. "I'm personally and the office is very much in favor of economic development, but what we don't want to happen is to issue bonds that won't be paid," he said to Automotive News.
In December 2015, Nevada legislators earmarked $215 million in tax incentives to benefit Faraday and $120 million in infrastructure upgrades at the Apex Industrial Park where the automaker would build the factory. The company selected the state for the $1 billion plant in early December and suggested that vehicle assembly could begin as soon as 2017.
Faraday execs have done an incredibly good job of keeping its future vehicles a secret. The company unveiled its wild FFZERO1 EV (above) supercar at the Consumer Electronics Show. The model allegedly had over 1,000 horsepower and could reach 60 miles per hour in less than three seconds. However, the concept wasn't drivable, and the company's earliest renderings showed a radically different shape, which looked like a pod on wheels. Designer Richard Kim told Autoblog at CES that he had the production car's design complete, but he refused to hint at what it would look like. If the company can't come up with the money, we might never get to see Faraday's first vehicle.
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