The electric-car startup Faraday Future has made some incremental progress toward getting its operation running at full-speed since the company made its US debut at the Consumer Electronics Show in Las Vegas.
Faraday Future is among the handful of car makers focused entirely on electric vehicles. One of its investors made very clear his passion for the concept with an almost-lamenting plea for technology that will save the planet.
Faraday Future is taking its next step toward making that a reality with the groundbreaking of its new $1 billion plant in North Las Vegas.
On Wednesday, Faraday Future executives and Nevada state officials will drive shovels into the ground at the site that will house the company’s 900-acre manufacturing facility. The automaker and Nevada’s government agreed on the deal late last year.
As of April, Faraday Future says it finalised nearly all of its land acquisitions at the site, and will proceed with an aggressive construction timeline. “We’re moving as fast as we can,” Faraday spokesperson Stacy Morris told Business Insider. “Normally, a project of this size would take approximately four years, and we’re trying to cut it down to half the time while still doing it right.”
The apparent concerns that Nevada’s accountants had earlier this year about the startup’s financial durability appear to have been addressed. Morris said Faraday Future “has agreed to the assurances they want … we want to bring our investment there, so I think it’s a win-win situation.”
All at once, Faraday Future is developing electric-powered transport, and a next-generation platform for in-car connectivity. And though the EV market is unquestionably dominated by Tesla, Faraday Future is also making moves.
Since the California-based automaker unveiled its first vehicle concept, the FFZero 1, in January, Faraday has notched a number of milestones, including obtaining its first US patent for a power inverter that the company says will manage its future cars’ electric power “20 to 30% better” than its competitors.
Earlier this month, Faraday Future also released a teaser image of what may be its first production vehicle.
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