Louisiana is one of four states that could be the site of a proposed $1 billion, electric car manufacturing plant, planned by Faraday Future, a California startup.
Gardena, California-based Faraday said Thursday it would announce the site of the facility in the coming weeks. Other possible locations include California, Georgia and Nevada.
Faraday said it expects to bring its first vehicle to market in 2017. The company is also looking into other game-changing models for the automotive and tech industries, including shared ownership and usage models and cars that drive themselves.
“With energy constraints, urban crowding, and the increasingly intrinsic relationship we have with technology, today’s cars simply do not meet today’s needs,” said Nick Sampson, Faraday’s future product development chief.
Sampson is one of a handful of former Tesla Motors Inc. executives heading Faraday. The company, like Tesla, is named after a scientist known for his work with electricity.
In its announcement, the company does not say where the $1 billion will come from or who its backers are. Sampson told The Wall Street Journal that information was confidential. However, Bloomberg News is reporting that Faraday is backed by Chinese billionaire Jia Yueting.