Chinese Billionaire Confirms he's Behind Faraday Future

With employees from more than 40 countries, Faraday Future also has offices in Dusseldorf and Beijing.

Jia Yueting, the Chinese billionaire that is supporting the electric-vehicle startup, sent a letter to the Nevada legislature describing his plan for the company's first USA factory, which will go towards building its electric cars, according to Bloomberg.

Nevada Governor Brian Sandoval on Thursday formally announced a tentative deal with the company and projected the overall economic impact on the local and state economy would be $85 billion over 20 years. At the time, the location hadn't been chosen, but we now know it will be located just north of Las Vegas.

North Las Vegas has been courting Faraday for its Apex Industrial Park, where medical marijuana growers have helped transform 2,000 acres (809 hectares) of vacant desert into a site with water and power lines suitable for development. Faraday Future plans to bring a vehicle to market as early as 2017.

Even though the Legislature still must sign off on the deal, North Las Vegas is ramping up to speed Faraday through the city's planning process.

The proposed incentives are more modest than those approved a year ago to attract Tesla Motors' battery factory to Northern Nevada.

However, Nevada lawmakers still have to approve the proposal.

Nevada is expected to offer $215m in tax incentives and credits over 15 years. The project would widen the road and build a flyover entrance ramp to the park at a cost of $50 million.

The Faraday Future news came a day after another Southern California company working on a futuristic transportation project, Hyperloop Technologies, announced plans to expand to the same industrial park.

The plant is also expected to create 9,000 indirect jobs.

Jock O'Connell, worldwide trade economist with Beacon Economics in California, said he remained doubtful. "This could be a way to develop technology that can't be developed in China".