Furtive Tesla Rival, Faraday Future, Announces $1 Billion…

Furtive Tesla Rival, Faraday Future, Announces $1 Billion…

Nov 9, 2015

“Furtive Tesla Rival, Faraday Future, Announces $1 Billion Facility Investment”

By Brooke Crothers, Forbes

Faraday Future (FF), an electric vehicle startup, will invest $1 billion in a U.S. manufacturing facility, the company announced Thursday.

Faraday — still very much a mystery because of a dearth of details about its vehicle and mission — describes itself as a “new electric vehicle and future mobility” company.  (Though the company may be less of a mystery if a report linking it to a China-based investor is accurate.) The $1 billion is a “phase one” investment, the Gardena, Calif. company said in a statement sent to the media.  The company is considering locations in California, Georgia, Louisiana, and Nevada for its “state-of-the-art facility.”  The decision about which location it will choose will be announced in the “coming weeks.”  On a smaller scale, this mirrors the investments in electric vehicle manufacturing that Tesla Motors TSLA -3.11% has made in the U.S.  Tesla has been aggressively investing in manufacturing at facilities in Fremont, Calif., a battery factory near Reno, Nevada, as well as smaller investments, including a stamping parts maker in Michigan.

“We are very excited to make our $1 billion investment in U.S. manufacturing — and this is just phase one…Producing our forward-looking and fully-connected electric vehicles not only requires the latest technology, but the right community partner,” said Nick Sampson, senior vice president of Faraday Future, in a statement. Faraday reiterated that it expects to bring its first vehicle to market in 2017 and will explore “other aspects of the automotive and technology industries including unique ownership and usage models, in-vehicle content and autonomous driving,” the company said.

Faraday, launched 18 months ago, now has more than 400 employees, according to the statement sent to the media.  The funding “is going to come from a different number of sources,” Sampsontold the Wall Street Journal, which said Faraday has started to order components already.  Sampson was the “lead chassis engineer” for Tesla’s Model S before leaving in early 2012, according to the Journal.  ”We are keeping our partners confidential,” he said. There are other recruits from Tesla as well as BMW and General Motors GM +0.00%.  See earlier story, “Faraday’s Electric Vehicle Future: A Factory And Tesla Talent.”

 

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