Jia Yueting's Faraday Future to Build $1 Billion Electric Car Factory in Nevada

Faraday Futures unveiled its selected location for manufacturing plant in the suburb of Northern Las Vegas. Backed by Jia Yueting, a Chinese billionaire, Faraday Futures chose a location close to Tesla's battery factory in Sparks, Nevada.

CNBC reported that Faraday Future poses a serious threat to Tesla. As of today, it has already assembled an impressive group of executives who previously worked for Tesla, BMW and other auto and tech companies. Faraday Future has offices in the Los Angeles' Silicon Valley, Beijing in China and Duesseldorf, Germany.

Dag Reckhorn was a former Director of Manufacturing for Tesla Motors before he resigned in 2013 and joined Faraday Futures. He and four other executives are in-charge of the leadership of Faraday Future. As for now, Faraday Future has not yet revealed the name of its CEO.

According to Los Angeles Times, the selection of Nevada as a location of its manufacturing plant was influenced in part by a $335-million package of tax incentives and infrastructure investments offered by Nevada Governor Brian Sandoval. California was one of the top candidates for Faraday Future's plant location, as the company's headquarter is already located in Gardena, Southern California, in a place of former Nissan Motor Co.'s sales headquarters. The company is backed by Chinese-billionaire, Jia Yueting.

Jia Yueting, the Chinese billionnaire is a founder and CEO of Leshi Internet Information and Technology, known as Letv, headquartered in Beijing. The company has built an online platform to deliver its Internet content to multiple devices and applications, and has built its own smartphone and HDTV. His venture in Faraday Future is to build electric car with autonomous driving that connected to Letv Internet platform.

Faraday Future will invest $1 billion in the manufacturing plant to showcase its first design in Consumer Electronics Show, America's most prestigious electronics trade fair in January, and began production in 2017. Jia explained his concept of Faraday Future to CNBC, "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, so that everyone can breathe clean air and enjoy a seamlessly connected lifestyle."

The official announcement of manufacturing plant was delivered last Thursday by Nevada Governor Brian Sandoval and Faraday Future's Vice President of Manufacturing Dag Reckhorn. According to Forbes, Faraday Future will build its 3 million square foot plant on approximately 900 acres of land. The plant will create a 4,500 direct jobs on the site.

Faraday Future has been operating under a secret operation. It seems that all of its operation will remain a mystery, until the Consumer Electronic Show next month in Las Vegas when the company reveals its car to public.