The FINANCIAL -- Cushman & Wakefield announced on December 10 that client Faraday 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 3 million-square-foot facility is expected to begin production of Faraday Future electric vehicles in the next few years.
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, according to Cushman & Wakefield.
“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.”
Added Andy Mace, “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.”
Faraday Future is a California-based global mobility company that believes the automotive experience should integrate more seamlessly with the rest of people’s lives. FF will place equal emphasis on automotive and technology disciplines and will take 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.