Nevada Treasurer Talks Faraday Finances In China

Feb 5, 2016

Credit Maurizio Pesce/ / CC by 2.0

Nevada Treasurer Dan Schwartz is in China to discuss finances with the owners of Faraday Future. Reno Public Radio’s Marcus Lavergne has more.

On a personal trip to China, Treasurer Schwartz will meet with Faraday Future’s parent company, Leshi.

Late last year state officials approved the construction of Faraday Future’s car factory in North Las Vegas with the promise of a $1 billion investment from Leshi’s owner, Jia Yueting. Schwartz was prepared to sign off on $175 million in bonds to finance the factory.

On Dec. 7th, Leshi halted share trading in the Chinese stock exchange, but was expected to resume later in the month. Because the company pushed that date back to March, Schwartz worries that Yueting won’t be able to come through with the money.

“I will need to hear that indeed Mr. Jia, has either sent the money to the United States,” Schwartz said, “so It’s money he has personally available to him and it’s sitting in a U.S. bank account ready to be invested in Faraday.”

Schwartz told our public radio partner in Vegas, KNPR, he wants confirmation that the investment will be in place so that Nevada taxpayers won’t be affected by the factory’s construction.

He’s voiced that although there are concerns, he still supports the project.  

NOTE: This story was produced with information from a recent interview produced by our public media partner KNPR in Las Vegas.