Faraday Future Rival Evelozcity Raises $1 Billion to Build Electric Vehicles

Evelozcity, the stealth electric car startup founded by ex-Faraday Future executives, has claimed to have raised $1 billion dollars.

In an interview with Forbes, Evelozcity CEO Stefan Krause talked about the stealth startup's current fundraising status.

"That's the ballpark you normally have to have, around a billion dollars, plus or minus. We have investment or commitments for this kind of amount of money," said Krause. "We have a global group of financially oriented investors" from China, Europe, and the U.S."

Not much information on Evelozcity's investors is available, other than they are spread across the U.S., Europe, and China.

Initial goals will focus on expanding its building architecture through contact production, as opposed to building its own assembly plant, using suppliers to provide batteries and other components for its self-driving vehicles.

Evelozcity's inaugural lineup will also comprise of three models - a commuter car, an "urban delivery" vehicle, and a rideshare car - all using the same shared platform, which Krause predicts will lead to reduced production times.

"You build all of the lower part of the car and the top part of the car, the top head, at the same time, and then merge them at the end of the line," said Krause. "We estimate that this produces a 30-percent reduction in assembly time."

Velocity is the progeny of former Faraday Future executives, CEO Stefan Krause and CTO Ulrich Kranz. The two saw tumultuous departures from Faraday Future, with a late Jan. 2018 lawsuit alleging both executives of theft of intellectual property and poaching of ex-Faraday Future employees upon their departure.

In Nov. 2017, Evelozcity was incorporated, shortly after Krause's firing for "malfeasance and dereliction of duty", a status vehemently denied by Krause who claimed to have offered his resignation.