6.11.2015Huge investment confirmed for EV manufacturer Faraday Future
The investors behind start-up electric car company Faraday Future have announced that they will be investing more than Â£660 million into a manufacturing facility in the United States.
The company aims to become a rival for the likes of Tesla and has had a significant recruitment drive in the last few months. A number of new personnel have come in from established manufacturers as the company sets itself up in California. These include former heads of chassis engineering, manufacturing and purchasing from Tesla, and the chief designer of BMW's i Cars project - responsible for the i3 and i8.
A site for the new factory is yet to be announced but has been confirmed as being between spots in California, Georgia, Louisiana and Nevada - the location will be confirmed in the next few weeks.
Nick Sampson, senior vice president of Faraday Future (FF), said: "We are very excited to make our $1 billion investment in U.S. manufacturing â€” 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."
It is well known that the automotive marketplace is notoriously difficult to break in to. Even Tesla, which is considered as having successfully made its mark, still regularly posts huge losses. Faraday Future is confident that it will succeed where so many others have failed and they seem to be investing in knowledge and experience to begin with.
The company doesn't just want to stop at the car market though and is targeting other technological industries, with plans to develop new financial models for ownership and usage, autonomous driving systems and in-vehicle content.
Sampson continued: "With energy constraints, urban crowding, and the increasingly intrinsic relationship we have with technology, today's cars simply do not meet today's needs. Our range of 100 per cent electric and intelligent vehicles will offer seamless connectivity to the outside world."
It is expected that the first Faraday Future production cars will be ready around 2017/18. This puts it into direct competition with a number of other manufacturers which have confirmed all-electric models of their own for the same time frame. The likes of Audi's e-tron quattro coupe-SUV, Tesla's Model 3 compact-exec saloon and EV models from Volvo have all been confirmed for launch in the next few years.