Faraday Future investing $1 billion in new factory

Faraday Future seems to harbor desires of being bigger than Tesla someday, but the mysterious EV company largely just produces press releases, so far. In its latest announcement, the enigmatic automaker pledges to invest $1 billion in a state-of-the-art, US factory. Unfortunately, the location is a secret beyond being somewhere in California, Georgia, Louisiana, or Nevada. An actual answer to where Faraday Future intends to spend the money remains weeks away.

With the first vehicle due in 2017, the company doesn't have much time to decide where to setup shop. Senior vice president Nick Sampson tells The Wall Street Journal that Faraday Future is contemplating either converting an existing plant or building its own. Either way, the work would begin in early 2016. Sampson also isn't talking about exactly where the automaker gets so much funding. "That sort of an amount is going to come from a different number of sources," he said to the WSJ.

Officials in Nevada, including the governor, are reportedly talking to Faraday Future about a potential factory there. A plant in the southern part of the state might generate around 4,000 jobs, according to earlier rumors.

Faraday Future claims to have a team of over 400 people that includes former employees at Tesla, BMW, and General Motors. However, the details of what they are working on remain vague. The automaker promises "forward-looking and fully-connected electric vehicles," and reports suggest an EV with a 98-kWh battery and at least 300-mile range. Beyond indistinct renders like the one above, the model's styling is still as mysterious as the company, though.
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Faraday Future to invest $1 Billion in U.S. Production Facility

Gardena, CA – Faraday Future (FF), a new electric vehicle and future mobility startup company, announced today that the company will invest $1 billion in a U.S. manufacturing facility as a phase one investment. The company has been considering several locations including California, Georgia, Louisiana and Nevada, for its state-of-the-art facility. The exact site of FF's first manufacturing facility will be announced in the coming weeks.

"We are very excited to make our $1 billion investment in U.S. manufacturing—and this is just phase one. Selecting the right location for the future FF manufacturing facility is critical to our overall goals. Producing our forward-looking and fully-connected electric vehicles not only requires the latest technology, but the right community partner," said Nick Sampson, senior vice president of Faraday Future.

FF expects to bring its first vehicle to market in 2017. In addition to producing vehicles, the company plans to explore other aspects of the automotive and technology industries, including unique ownership and usage models, in-vehicle content and autonomous driving.

"With energy constraints, urban crowding, and the increasingly intrinsic relationship we have with technology, today's cars simply do not meet today's needs," said Sampson. "Our range of 100% electric and intelligent vehicles will offer seamless connectivity to the outside world."

About Faraday Future

Faraday Future is a well funded California-based mobility company comprised of a global team of more than 400 automotive and technology experts who believe the automotive experience should integrate seamlessly with the rest of people's lives.

By placing equal emphasis on automotive and technology disciplines, FF is uniquely positioned to take a user-centric, technology-first approach to vehicle design. The company intends to develop a range of 100% electric vehicles that offer intelligent, seamless connectivity to the outside world. FF seeks to redefine the automotive experience by delivering a range of intelligent, electric vehicles and unique ownership arrangements that will fit the needs of tomorrow's population. FF expects to bring the first vehicle to market in 2017.

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