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LeTV's Faraday to invest $1 billion to open EV plant in America

Source: | Date: Nov. 6

  • Faraday Future, an electric vehicle start-up supported by LeTV founder and CEO Jia Yueting, has made plans to invest $1 billion to open a plant in America for electric vehicle production with the aim of challenging Tesla. Faraday Future is now evaluating the feasibility of opening the plant in California, Georgia, Louisiana or Nevada. The plant is scheduled to be put into operation by 2017.

  • Nick Sampson, senior vice president of research and development for Faraday Future, recently revealed that the company is expected to roll out its first electric vehicle within the next two years, with a series of other electric vehicle products to be launched in the near future. Nick noted that the company is considering launching seven different electric car models.

  • Faraday Future has hired several senior executives who previously worked at Tesla, such as Nick Sampson, Dag Reckhorn, Alan Cherry, and Tom Wessner.

  • Additionally, Nick said that the company will have different profit-making models. Faraday Future will not only engage in electric vehicle production, but also tap into the connectivity technology, autonomous technology, and car sharing fields.