NextEV, China-Backed Electric Car Co., Applies for Tax Credit in California
June 07 2016 - 3:40PM
Dow Jones News
NextEV Inc., one of several China-backed electric vehicle
companies, has applied for a $10 million tax credit in California,
where it is planning operations in San Francisco and San Jose.
California's economic development agency, the Governor's Office
of Business and Economic Development, will meet to discuss the
application on June 16. NextEv is planning to add 917 workers from
2016 through 2020, according to the application, and invest $138
million in the state.
NextEV joins Faraday Future Inc. and Atieva Inc. as electric car
companies building operations in California. NextEV has backing
from Chinese internet company, Tencent Holdings, as well as the
founder of internet shopping site, JD. Com.
NextEV has its headquarters in Shanghai and has more than 500
employees.
The announcement serves only to fuel a fast-growing automotive
development market in the Bay Area. Tesla Motors Inc. has 14,000
global employees, most of them in Fremont and Palo Alto.
Faraday Future, backed by Chinese media company LeEco, has a
growing headquarters location in Los Angeles and is negotiating
with the city of Vallejo to acquire a site on North Mare Island,
which is located just outside of Silicon Valley on the way toward
Sacramento to build a manufacturing facility as well as a vehicle
delivery center.
Faraday is building a factory in North Las Vegas and aims to
begin selling a car in the U.S. next year.
Write to Mike Ramsey at michael.ramsey@wsj.com
(END) Dow Jones Newswires
June 07, 2016 15:25 ET (19:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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