Faraday Future EV Company A New Rival Of Tesla?

Apr 15, 2016 04:00 AM EDT | Victor Thomson

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Faraday Future Inc. is an electric car startup based in Los Angeles, that aims to become a future competitor to Tesla Motos.

Faraday Future started to build on Wednesday, April 13, its $1 billion factory in North Las Vegas. The young and well-funded EV company is owned and financed by Jia Yueting, a Chinese billionaire.

The state of Nevada is aiming to become an important player in the electric vehicle industry. After backing Tesla Motors battery factory outside of Reno, now the state is hosting a new electric cars assembly plant 25 miles north of the Las Vegas Strip.

Due to the departure of its chief engineer, Faraday Future is a few months late on its schedule. Its major employment project in the Las Vegas area has hired 700 people so far and over the next decade it will ramp up to 4,500 people.

According to , there is already plenty of buzz over whether Faraday Future could become a strong rival of Tesla. Despite the fact that in many parts of the United Stated gas prices are still near $2 a gallon, a new generation of drivers show growing interest in EVs.

Faraday Future is run by SEE Plan and is backed by Yueting. The EV startup doesn't have a public prototype and has no announced products yet. But according to the Nevada Governor Brian Sandoval, this is a great opportunity for the state to work together with the Faraday Future startup for a new beginning.

Faraday Future plans to launch its production next year. Given the start of the plant just begun, this is a very ambitious plan that will require a great effort and good coordination.

For now, Faraday Future is testing its electric car technology by putting motors and batteries into existing cars bodies. However, the startup has announced that it will "soon" debut its first prototype.

According to , Faraday aims to build an electric car with autonomous features and long driving range. The company's executives explained that the upcoming Faraday EV might be used more like a shared vehicle.

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