Faraday Future prototype on display. (Reuters photo)
If you have to ask you can’t afford it.
The story in the morning paper about the unveiling at a local convention of the prototype for Faraday Future’s electric car that is supposed to be built at a factory in North Las Vegas was full of numbers.
The plant is to cost $1 billion. The car’s range will be 378 miles on a charge. It will generate 1,050 horsepower. Nevada ponied up $215 million in tax breaks and improvement projects. (Well, actually that was $215 million in tax abatements and credits, plus another $120 million in infrastructure that includes water, rail and road improvements that may include widening I-15 and improving the freeway interchange near the Apex industrial park. But what’s a few hundred million in tax money?) You can reserve one by depositing $5,000.
But the story never says what the cost of the car will be.
Reuters is reporting that the tricked out FF 91, as it is dubbed — replete with holograms, sensors, cameras and radar — will be priced, according to insiders, at $180,000. That’s even higher than the high-end Tesla, which is getting $1.3 billion in tax exemptions and credits for promising to build a battery plant in Northern Nevada.
That’s right, your tax money is going to support the possible construction of cars you can never in your wildest dreams of avarice afford, even if they ever get built. Ain’t socialism grand?
Maybe if Faraday Future finds enough suckers to part with $5,000 deposits it can actually pay its contractors to build that factory.
4TH ST8 
This company cannot generate enough stature to get the Nevada Treasurer to issue bonds. It was a prime example of the Nevada Assembly caving to union pressure. The last prototype was a one seater chick getter LOL.
And lest we forget, passed by a Republican controlled legislature and signed into law by a Republican Governor. Of course, when the casino companies can “buy” the tax credits from these unprofitable companies, what difference does it make if the politician has an R or a D after their name. The end result is the same – the House (casino moguls) wins; the player (Nevada taxpayer) looses.
The House always wins in the long run.
I didn’t forget, you are right and now we are controlled by Democrats, this is one crazy place to live.
Is it a coincidence that this happened on the same day that Tesla started producing batteries at it’s gigafactory?
I do have to say though, the 2900 jobs created so far by Tesla make a pretty strong case for what the legislature did.
And correct me if I’m wrong here, many of the same arguments being made about Faraday, were made about Tesla’s plant.
https://www.bloomberg.com/news/articles/2017-01-04/tesla-flips-the-switch-on-the-gigafactory
And only because I happen to be reading the financial section and came across this am I posting it. Aren’t there any libertarian types that can see how, even if only in some circumstances, the benefits of government intervention outweigh any negatives?
GM reported record sales last month and YOY.
http://www.reuters.com/article/us-usa-autos-idUSKBN14O1H4
Government is us the taxpayers and since I watched this bill pass in the Assembly in person, I can tell you it was swarmy at best. Faraday like Tesla wants taxpayers to pay for their factories etc. Tesla stock has not grown in three years. Government has no business in private industry except to pave the way for small businesses to grow with less regulation. Here in Nevada it is all about who knows who and who else will pay besides themselves.
Since this clearly violates the Nevada Constitution as Tom as pointed out in past articles, I wonder how the Nevada Supremes would rule should some civic minded person file a case challenging the authority of the legislature and governor to favor one industry over another with this kind of scheme. I imagine through tortured reasoning, they would find a way to uphold it.
I watched FF live online.
The operational car was a shell on the chassis. Though impressive with 0-60 and its self parking demo, we really didn’t see much else. But still, impressive for the time frame so far.
The FF91 was also a shell. It had all the luxury bits working but only drove out on the stage, very close to the back of the stage. This made me think they had only half of the demo vehicle partially operational. It didn’t drive itself until after the lights were dimmed and then only moved about ten feet forward.
They showed a bunch of dirt being moved around at the factory site and called that “phase one”
They still have money problems and they are selling (refundable) “reservations” to buy for 5 grand apiece. Wonder if they get enough reservations to make a dent in their money problems? Any bets on funds being available for refund if (when) the company fails?
Note, kodak had a million dollar booth at CES when they were in bankruptcy. The following year Kodak had a tiny little set of meeting rooms by appointment only. They haven’t been back since.
A big display at CES does not mean a successful operation behind the show.
Shelly Shelton brought the fact it was not constitutional up on the Assembly floor and they ignored her.
Only $180,000? I’ll take two!!
What was that stuff about private vs public again?
http://www.marketwatch.com/story/former-itt-students-clamor-for-a-seat-at-the-table-in-companys-bankruptcy-2017-01-03?link=MW_latest_news
ITT Tech went to hell once the Chinese bought it.
It was a good school before 1994.
We hired a grad from ITT Tech during my years at Kodak and he was a better worker than the “college” grads we hired and ended up letting go after they turned out to be less than advertised.
What a fuking idiot.
The Chinese don’t “own” company and never did. It’s been a publically traded company based in Indiana and only since 2016 did the company have “insiders” that were Chinese. Course, the problems at ITT and their fraud, began much earlier.
Never trust anyone that wants to make money off you, cause they’ll do it whether the have to lie cheat or steal. Like ITT did.
NYT….ITT was a good school when it was owned and operated by ITT.
A publicly traded company with majority ownership is controlled by the majority, you fucking idiot.
The Chinese swooped in and scooped up as much “federally guaranteed” money as they could before running off with the loot.
Looks like some for profit education is “more equal” than others.
http://www.politico.com/story/2016/06/former-obama-insiders-seek-administrations-blessing-of-for-profit-college-takeover-224917
Leads to a nice little parting gift….
http://nypost.com/2017/01/03/obamas-pal-catches-major-break-in-for-profit-college-deal/
In the case of Faraday, I would seriously suspect that the ownership contributed generously to many of Nevada’s campaign coffers, although with the right to privacy championed by the Conservative cause regarding campaign contributions, there may be no good way to tell. Although us moderates and liberals assume that any large campaign contributor fully expects a generous rate of return on their investment, receiving cash and tax breaks directly from the recipients of their generosity is egregious and should be discouraged. Unfortunately, with the Conservative cry for states’ rights, there is a conundrum. The feds certainly can’t forbid it when Republicans are in charge and if any state does, it will be left at a competitive disadvantage compared to other states that permit it. This leaves the only recourse to be wailing and crying about it. You’re all doing a very good job of it, but the forces of Conservativism and big business are against you.