SAN FRANCISCO (AP) — The city of Vallejo, which emerged from bankruptcy five years ago, is poised to get a big economic boost as plans to build a major plant for electric cars on a former U.S. Navy shipyard are rolling forward.
City leaders later this month will consider and vote on an exclusive negotiating agreement with Faraday Future, controlled by Chinese billionaire Jia Yueting, for a 150-acre plant on the north end of Mare Island.
The plant would be a welcome boost to the city. Vallejo was once a thriving naval center on San Pablo Bay, about 30 miles northeast of San Francisco. But in 2008, the city filed for Chapter 9 bankruptcy protection. The plant is expected to pump hundreds of millions of dollars into the city and create hundreds of jobs.
