clock menu more-arrow no yes

Filed under:

Mysterious electric car maker Faraday Future says it'll spend $1 billion on a US factory soon

Faraday Future

We still don't know much about Faraday Future, apart from the fact that the California-based company has poached a who's-who of talent from Tesla, BMW, and others, and that it claims that it'll launch an electric car in 2017. And now, we know that it's ready to start spending money: in a press release today, Faraday says that it will invest $1 billion in a manufacturing facility in either California, Nevada, Louisana, or Georgia, but that it hasn't yet decided which one. "Producing our forward-looking and fully-connected electric vehicles not only requires the latest technology, but the right community partner," says Faraday SVP Nick Sampson in the release; it's likely that municipal and state incentives will play a big role, just as they did in Tesla's selection of Nevada for the Gigafactory.

Faraday says that "in addition to producing vehicles, [it] plans to explore other aspects of the automotive and technology industries, including unique ownership and usage models, in-vehicle content and autonomous driving," which is a pretty long list of asks for a company with several hundred employees and no product — particularly in the notoriously brutal auto business. There's no word yet on when the company will show its first vehicle, but its most obvious rival — fellow California EV maker Tesla — plans on showing its Model 3 in March of next year.

Verge Video: This all-electric Mustang outperforms a Tesla