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Mysterious electric car startup looking to build $1B factory

11 months 2 weeks 4 days ago November 08, 2015 Nov 8, 2015 Sunday, November 08 2015 November 08, 2015 4:03 PM in News
Source: Associated Press
By: Justin Pritchard

LOS ANGELES - 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.

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