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Electric-Car Startup Breaks Ground On $1B Plant

Elon Musk isn’t the only electric-car producer spending billions on a new factory. Startup Faraday Future is breaking ground Wednesday on its own $1B electric-car manufacturing plant in Las Vegas.

Despite concerns over the startup’s financial viability, Nevada’s government agreed to the plant in late 2015—and the automaker is moving forward with an aggressive construction timeline.

"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,” Faraday spokeswoman Stacy Morris told Business Insider.

Tesla may be the titan in the electric vehicle cosmos, but Faraday plans to give Musk a run for his money, touting that its recent patent will manage its cars’ electric power “20 to 30% better.” [BI]