Faraday Future To Invest $1 Billion In Getting Its Electric Car Factory Running
Tesla Motors, the famous American automotive company known for its luxury electric cars, seems to have competition now and that too from a fledgling startup by the name of Faraday Future.
The startup company, which was founded just 18 months ago in Gardena, California is looking to invest $1 billion to create a US based factory that would start producing cars by 2017, in order to counter Tesla’s ‘monopoly’ in the electric car market.
The company, which has former Tesla employees such as Nick Sampson in its roster, said in a statement that they are looking at several locations for their factory including California, Georgia, Nevada and Louisiana although the final decision will be made in a few weeks.
“Selecting the right location for the future FF manufacturing facility is critical to our overall goals,” Nick Sampson, senior vice president of Faraday Future, said in a statement.
The startup hasn’t divulged where its funding is coming from, but Bloomberg noted that Chinese billionaire Jia Yueting is backing the company, though it doesn’t state whether some or all of the money comes from the online video magnate.
Faraday Future is certainly aiming big with its first electric car. The company is hoping to push their product out of the door sometime in 2017, just 3 years after the company’s creation while Tesla Motors on the other hand didn’t launch their first electric vehicle until 5 years of the company’s creation and that too was a Lotus-based Roadster.
Analysts however are skeptical about Faraday’s claim since according to them many other startups have tried the same thing and they all have failed but with the hefty sum of money backing Faraday Future, it is highly possible they might achieve their goal in time and not only that but also leave a mark on the market.