New electric vehicle to take on Tesla

A startup called Faraday Future said it is looking for a place to build a $1-billion manufacturing plant for a new line of electric cars, the Associated Press reported.

California, Georgia, Louisiana, and Nevada are finalists for the factory.

Faraday isn’t disclosing many details about its plans, but the company said it wants to launch its first car in 2017.

AP reported that documents filed in California point to a parent company run by Chinese billionaire Jia Yueting, who styles himself after Apple’s Steve Jobs.

Faraday is expected to go head-to-head with Elon Musk’s electric car company Tesla.

The company headhunted executive talent from Tesla, and currently has 400 employees.

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New electric vehicle to take on Tesla