A Chinese billionaire is betting a suburb in Las Vegas will give him the winning hand in the electric car market. In fact, he's willing to gamble $1 billion on it.
Jia Yueting, the founder of a online video company in China, has sent a letter to the Nevada legislature outlining his plan for a final assembly plant that will build electric vehicles for his new company, Faraday Future.
"We hope to bring our $1 billion investment to North Las Vegas and open our first manufacturing facility there, creating 4,500 jobs," Jia wrote in a letter obtained by CNBC.
Faraday Future plans to show its first vehicle design concept at the Consumer Electronics Show next month in Vegas, then introduce that vehicle in 2017. When it would be built and ultimately sold depends on how quickly the Vegas plant comes together.
Nevada Governor Brian Sandoval will hold a press conference on Thursday announcing the investment.
After that, a special session of the Nevada legislature is expected to be convened to approve tax incentives for Faraday Future.