Faraday Future Plans More Than $1 Billion Electric Vehicle Assembly Plant In North Las Vegas, Nevada
“After a great deal of research, travel, and careful consideration, we have decided that the best home for our first manufacturing facility would be within the stunning mountainscape of North Las Vegas,” company officials said.
“North Las Vegas’ long list of benefits made the decision for our plant’s placement a relatively easy one. The area offers expansive development space, an enthusiastic workforce, an encouraging tax environment, close proximity to our California headquarters, and nearby access to the thriving tourism capital of Las Vegas, which allows us to offer plant tours and other engaging experiences,” officials added. “Additionally, we’ll be appropriately positioned on the south end of the “electric highway,” a pioneering stretch of U.S. Route 95 between Reno and Las Vegas that is populated with a large network of vehicle charging stations.”
Faraday officials explained “we plan to construct something more than an ordinary 'assembly line’ – we’re creating a 3 million square foot workshop for passionate creators and diligent visionaries, where new concepts will be refined and implemented…We look forward to having a hand in the potential job creation, economic impact, and community growth that can be made possible with this innovative new production plant. We'd be proud to play our own role in advancing Nevada’s historically industrious spirit.”
Cushman & Wakefield Strategic Consulting, a global real estate services firm, led site selection and incentives negotiations for the project, completing the property search, labor market due diligence, financial evaluations and incentive negotiations over a 10-month period.
Cushman & Wakefield's team was led by Andy Mace and Alexander Frei, Heads of Specialty Practices within the firm's Strategic Consulting practice. "The Governor's Office of Economic Development and the City of North Las Vegas presented a united front with a business friendly attitude and structured deal terms to level the playing field with the competing locations," Frei said. "An automotive plant is one of the most sought after types of projects for any community, and the city and state should be congratulated for making this a reality for Southern Nevada."
Andy Mace said, "Our search evaluated locations across the U.S. and Mexico, taking a balanced view of numerous economic, non-economic and timing considerations to support Faraday Future's goal to find the optimal location to launch its brand and production. From beginning to end, it was truly a pleasure to be involved in such a significant and unique undertaking with such a visionary company."
Debra Moritz, Leader of Cushman & Wakefield's Strategic Consulting practice commented that, "Few projects in the U.S. or world can match Faraday Future's in terms of its impact not only on a specific industry but on a community as well. This has been one of the most rewarding assignments of our team's careers."
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