Mysterious electric car startup looking to build $1B factory
LOS ANGELES (AP) — The luxury electric car market may be small, but it's lucrative enough to get another jolt — this time from a mysterious startup headquartered near Los Angeles.
The company's name is Faraday Future, and it has been hunting for a place to build a $1 billion manufacturing plant for a new line of battery-powered cars.
California, Georgia, Louisiana and Nevada are the four finalist states. Faraday says to expect an announcement within weeks.
Faraday says it wants to produce a car by 2017, an ambitious timeframe. Analysts say that's a niche market that will only get more competitive.
The company isn't releasing many other details publicly, though documents filed in California point to a parent company run by a Chinese billionaire who styles himself after Apple's late Steve Jobs.