Managing the Financial Side of Commercial Fleets

EV Startup Intends to Rival Tesla Motors

November 06, 2015

Photo courtesy of Faraday Future.
Photo courtesy of Faraday Future.

Faraday Future (FF), a new electric vehicle and future mobility startup company based in Gardena, Calif., will invest $1 billion in a U.S. manufacturing facility, the company has announced.

FF plans to sell a single high-end model starting in 2017, and then follow that with a wider selection of potentially more affordable electric vehicles. The company is also considering subscription or shared ownership services, reports The Los Angeles Times.

Nick Sampson, a senior vice president of FF, would only reveal that the new car would include self-driving functionality.

The new company, which includes former senior employees of Tesla Motors, is tied to a Chinese billionaire who remains nameless. The company has declined to identify its ownership and investors, according to the Times report.

However, incorporation papers filed with the California secretary of state's office suggest that Faraday is linked to a Chinese media company operated by entrepreneur Jia Yueting, founder of Leshi Internet Information & Technology. Forbes states that Jia is worth $7.3 billion as of Nov. 6, making him the 17th richest person in China. 

The company currently has about 400 workers and is situated in Nissan's former U.S. sales office, but is looking at factory locations including California, Georgia, Louisiana and Nevada, according to its release.

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