Faraday Future, the electric car company that has no product, nobody knows who really owns it or if it has any money in its bank accounts to back up what it states in its press releases, has blessed the nearly bankrupt city of North Las Vegas as its place to supposedly build a $1 billion manufacturing plant. ONLY IF the city and the state of Nevada gives this mysterious company a bunch of tax incentives and taxpayer-backed funding.
You may want to reread that whole paragraph again.
No product. A mysterious CEO who says he is the founder with others that he can not name. No one has seen its books or its financials and yet multiple cities were bidding to give them taxpayer back incentives and deals to hopefully build a manufacturing plant in their town for a vehicle they say could roll out and onto the market in maybe early 2017. That date is based on what government grants and tax breaks they can get. To sweeten the pot, they claim they MAY have a concept out in time for the Consumer Electronics Show (CES) in a few weeks here in Las Vegas.
And the weak-kneed leaders of North Las Vegas, a town that is so close to financial insolvency its not funny. But they could not be happier they were chosen to pay for this dream. Can we say Solyndra 2.o?
Did they not learn anything from 2009 economy collapse? When all the high-flying deals to over build Las Vegas came crashing down because most of the plans, dreams and designs were nothing but a speculators dreams? In today’s environment, the County and the City of Las Vegas are now asking for more than a napkin drawing and the fancy lawyer in a suit coat, promising jobs and tax revenue, before they are even allowed to address the commissioners or city council to seek a permit.
If you remember, in 2009, right after Obama came to power, he began writing checks and taking businesses away from stockholders in order to pay back his largest donors and bundlers. One of those backers was a solar panel company called Solyndra. That company received a $500 million Government backed loan, even after anyone who looked at the company said it was a bad deal. The company leaders were huge backers and bundlers for Obama, so it had his blessing (Dah!)
Almost as soon as the money was deposited in their bank accounts, they went bankrupt and no one knows what really happened to all $500 million. You can guess where it all went and you would probably be right, but nobody will tell you where it went.
So now, here we sit with a company that has nothing but dreams and a letter to the city that says the CEO is the founder, along with an international management team that for competitive reasons, he can’t name or say who really owns the company or manages its affairs. But believe him, he has a plan to build a plant and bring jobs and create a new tax source for the city.
The Word You Are Looking For is “NO”
At least Tesla had plans, had money and had a proven product before the State gave them billions in incentives and tax breaks to build a new battery plant in Reno. People saw the books, looked the main man in the eyes and met his team. The could see, touch, feel and hear the story, the plan and see the proven record.
With Farady, there is nothing but a drawing and some cool graphics and a lot of hot air. But North Las Vegas wants to bet their future on this pipe dream without any proof of concept. No qualifying the people or the company. Check the books
I maybe wrong, and I hope I am not. But let’s be real in this plan to give away tax payer money on more than a promise.
Here is the latest press release…
What are your thoughts on this??
Photo: CC Wikipedia – Its a Tesla, its real!!