Mysterious electric car company to build $1bn factory

Faraday Future (FF), a Californian electric car company that has released few details of its ownership or business plans, has announced that it is to build a $1bn factory before receiving an order for a single car.

FF has said it is considering whether to build the factory in California, Georgia, Louisiana or Nevada.

As well as producing vehicles, the firm plans to explore other innovative ideas, including unique ownership and usage models, in-vehicle content and autonomous driving.

Partial funding for the factory is thought to be coming from a parent company run by Chinese billionaire Jia Yueting.

Jia founded LeTV, an entertainment and video company known as the Netflix of China, and is often referred to as the "Chinese Steve Jobs".

Other funding partners are, for now, confidential.

FF have not released any details on the type of car it will make but plans to develop a premium sedan model set for release in 2017.

Like Elon Musk’s Tesla, Faraday is named after a 19th-century scientist who pioneered the theory of electromagnetism.

Former employees of BMW, General Motors and Tesla are currently working for FF.

Image via Faraday Future’s Facebook page

Story for GCR? Get in touch via email: [email protected]

Latest articles in News