Tesla Competitor Startup Claims to Invest $1 Billion in New EV Factory

The company also has 400 employees and expects to grow its workforce to 500 by the end of the year. Jia Yueting is founder and chairman of Leshi Television, a popular Chinese online video site.

A vendor working with the company in Gardena told The Times that Faraday hasn't made any secret of its origin or its plans.

While Faraday is reportedly being backed by Chinese money, there is one Chinese Tesla Motors rival that is getting the funding from the Silicon Valley.

Apple Faraday loses the rest of us - and sparks intense rumor that this could indeed be the Apple vehicle - is through its representative speaking in vague generalities and carefully guarded truisms. "We are going to make intelligent vehicles".

Faraday (also referred to as FF) will start with a single model, but plans to eventually launch an entire range.

Look for a few form of autonomous driving, as well. He envisions a rolling smartphone that knows its drivers and their technology preferences. That could include up to seven models eventually, Sampson said in an interview with Bloomberg. The revenue starts once you get the device in the owners' hands.

In addition to selling cars, Faraday is looking at other business models, such as subscription or shared ownership services. Further details on the company's leaders have also been revealed. Besides Sampson, the company's website lists Dag Reckhorn as vice president of manufacturing; he was director of manufacturing for Tesla's Model S. Tom Wessner is vice president of supply chain; he was Tesla's director of purchasing.

Nick Sampson, who was the former director of vehicle and chassis engineering for Tesla, is now the senior vice president at the company and seems to be acting as the spokesman for the company.

Faraday Future said that in the coming weeks it will announce the decision on the plant's location.

The company - one of a number of nascent automakers hoping to challenge Tesla Motors in the electric auto sector - is reportedly considering its native California, along with Nevada, Georgia and Louisiana, as the potential location.

Officials didn't disclose how the new plant would be financed.