North Las Vegas Lands $1B Electric Vehicle Assembly Plant

Faraday-Futures-electric-vehicleFaraday Future will establish its first assembly plant for electric vehicles in the City of North Las Vegas, plans for which entail a more than $1 billion investment and 4,500 new jobs as part of what it considers the first phase of the project. The three million-square-foot facility in Clark County’s APEX Industrial Park is expected to begin production of Faraday Future electric vehicles in the next few years.

California-based Faraday Future takes a user-centric, technology-first approach to vehicle design. The company intends to offer intelligent electric vehicles and unique ownership arrangements that will fit the needs of tomorrow’s population.

“North Las Vegas’ long list of benefits made the decision for our plant’s placement a relatively easy one,” states a company announcement. “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.

“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,” it continues.

Cushman & Wakefield Strategic Consulting 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.

In collaboration with Faraday Future, Cushman & Wakefield’s consulting team evaluated over 100 properties, both brownfield and greenfield, in 10 U.S. states and portions of Mexico. The comprehensive evaluation process weighed expected human resources costs and labor availability, access to supplier and customer markets, real estate and infrastructure suitability and incentives.

“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,” said Frei. “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.”

“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,” added Mace. “From beginning to end, it was truly a pleasure to be involved in such a significant and unique undertaking with such a visionary company.”