Automaker Faraday Future To Build $1 Billion Factory In U.S.

Tesla Motors has a new potential competitor, one so bent on taking on the California-based automaker that they are planning a $1 billion factory.

Faraday Future is an electric vehicle company looking to compete in the EV market by way of a $1 billion infrastructure investment. The brand new automaker has invested that $1 billion in a factory in the U.S., which will manufacture vehicles beginning in 2017.

Faraday is intended to compete in the EV market with among other automakers, Tesla Motors. Faraday has multiple executives who left Tesla to come to the 400-employee automaker startup. Nick Sampson, for example is a former Tesla director who serves as the Faraday senior vice president of research and development. Besides taking on former Tesla employees, Faraday is also very secretive. The company CEO is a mystery. Chinese billionaire Jia Yueting financially backs Faraday Future.

Sampson did shed some light on the plans at Faraday. As reported by Bloomberg, Sampson said, “We will launch a single model and follow with a range of vehicles in a faster way than others have achieved. We’re looking at seven different vehicles.” Sampson further noted the decision by Faraday to make money using unique methods. Sampson explained, “Our business model is not based around moving a car out of the dealer. We envision this like a smartphone. The revenue starts once you get the device in the owners’ hands. We’re looking at subscriptions and apps and other opportunities.”

While Faraday comes off mysterious and presents unique talk from a startup automaker of a seven-vehicle fleet, the organization is forthright about its desire to find the right place to build its factory. Faraday is looking at Georgia, Nevada, Louisiana and California.

Faraday is another electric vehicle automaker who doesn’t plan to work with dealers. In an era when Tesla has profited from being a media darling and doing little to no advertising, why would Faraday use a tactic of secrecy? Do you think that Faraday can pull off finding a site for a factory, constructing it and begin building vehicles inside of two years?