A new electric-car startup is breaking ground on a $1 billion plant
AP Photo/John Locher
Faraday Future is among the handful of car makers focused entirely on electric vehicles. One of its investors made very clear his passion for the concept with an almost-lamenting plea for technology that will save the planet.
"When was the last time we saw a blue sky with white clouds," Chinese billionaire, Jia Yueting once said referring to China's infamously polluted skies.
Faraday Future is taking its next step toward making that a reality with the groundbreaking of its new $1 billion plant in North Las Vegas.
On Wednesday, Faraday Future executives and Nevada state officials will drive shovels into the ground at the site that will house the company's 900-acre manufacturing facility. The automaker and Nevada's government agreed on the deal late last year.
As of April, Faraday Future says it finalized nearly all of its land acquisitions at the site, and will proceed with an aggressive construction timeline. "We're moving as fast as we can," Faraday spokesperson Stacy Morris told Business Insider. "Normally, a project of this size would take approximately four years, and we're trying to cut it down to half the time while still doing it right."
The apparent concerns that Nevada's accountants had earlier this year about the startup's financial durability appear to have been addressed. Morris said Faraday Future "has agreed to the assurances they want ... we want to bring our investment there, so I think it's a win-win situation."
Faraday Future
All at once, Faraday Future is developing electric-powered transport, and a next-generation platform for in-car connectivity. And though the EV market is unquestionably dominated by Tesla, Faraday Future is also making moves.
Since the California-based automaker unveiled its first vehicle concept, the FFZero 1, in January, Faraday has notched a number of milestones, including obtaining its first US patent for a power inverter that the company says will manage its future cars' electric power "20 to 30% better" than its competitors.
Earlier this month, Faraday Future also released a teaser image of what may be its first production vehicle.
NOW WATCH: This factory is the key to Tesla's future
- 2 states where home prices are falling because there are too many houses and not enough buyers
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- BenQ Zowie XL2546X review – Monitor for the serious gamers
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market