The company with support from Chinese billionaire Yeuting Jia said the plant in North Las Vegas would bring 4,500 jobs to the state.
"We hope to bring our $1 billion investment to North Las Vegas and open our first manufacturing facility there, creating 4,500 jobs," Yueting wrote in a letter to Nevada legislators.
"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."
Yueting is the billionaire founder and chief executive of Leshi TV, an Internet video service. His plan is conditional to the approval of a $250 million incentive package by the Nevada state legislature, which would include tax abatements and tax credits.
Faraday's announcement comes a year after Nevada's legislature approved $1.3 billion in incentives and tax exemptions for electric car maker Tesla Motors to build a $5 billion lithium-ion battery plant in the state.
The company has offered little detail on its Nevada plans, but said it intended to unveil a concept car on Jan 4 at the Consumer Electronics Show, a technology trade show in Las Vegas.
Faraday hopes to bring a car to market as early as 2017. The company has also not provided any timeline for the completion of the plant nor has it elaborated on any estimates for how many cars it would produce.
Republican Governor Brian Sandoval at a press conference to announce the investment said that the Faraday plan "is a new era for the state of Nevada".
The governor said his administration estimated the plant would bring benefits to state coffers of around $760 million over the course of 20 years and would create a total of 13,000 jobs, including 3,000 in construction.
He said Faraday had committed to ensuring 50 percent of the workforce would be residents of Nevada.
Faraday's vice president for global manufacturing Dag Reckhorn said the Nevada plant would cover an area of 3 million square feet and be environmentally friendly.
"Our vision is for the future needs and expectations of the customer because we don't feel today's cars meet today's needs," Reckhorn said.
Source: Faraday Future plans electric car plant in Nevada with Chinese tie-up
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