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Tesla Motors Inc (TSLA) Rival Faraday Gives Tiny Glimpse Into the Future

Tesla Motors Inc (TSLA) Model X

Tesla Motors Inc mysterious rival – Faraday Future – gave us a very limited view of its top-secret electric car, referred to by some as the ‘Tesla-killer.’ On Wednesday, the Chinese-backed firm released a video of the car driving around. The design of the car has been kept secret and the video only shows one wheel of the car.  The firm has been skillfully teasing the public over the last few weeks with small info leaks like this.

Faraday’s car still a mystery

Faraday will finally reveal the concept car at the Consumer Electronics Show in Las Vegas next Monday while the production version is expected to hit the roads by 2020. Except for the recently released videos, the firm has not shared any details of the car including features, which it says would ‘redefine our relationship with the automobile.’

Tesla Motors Inc Model X
Model X parked outside Tesla Motors’ Fremont plant.

In another teaser video released two weeks ago the firm hinted that it will focus on eliminating the need for individual car ownership.  Instead, cars would be shared.  Rather than sitting unused in garages and driveways, Faraday vehicles would be in service all of the time.  The video went so far as to show city parking lots converted into parks and public space.  Because, who needs parking lots when cars are always in use?

The concept is in-line with those held by other companies like Uber and Lyft.

In an interview with Tech Insider, Faraday’s head designer – Richard Kim – said the firm aims to make a car that is ‘more like a tablet.’ The firm wants to allow drivers interact with the systems while they are inside it rather than operating it remotely with their phones. Kim also said the car will be intelligent enough to learn of driver’s preferences such as temperature, driving style and even seat position.

“Whether you have a one seat racecar or let’s say a ten seat commuter, we want to design cars that have no bad seat in the house,” Kim told Tech Insider.

A few weeks back, the firm revealed plans to set up a $1bn plant near Las Vegas. Its new factory will be in the same industrial park where Tesla Motors Inc CEO Elon Musk plans to build its Hyperloop.

Tesla – the most favorite car

Competing with Tesla won’t be easy for Faraday. The Model S maker enjoys a huge popularity among the users, and has won many titles certifying it to be the best. The latest title from Consumer Reports “do owners actually like their cars” has also been won by Tesla Model S, further strengthening its position in the auto world.

The introduction of the Model X this year has only made the Tesla brand stronger.  Even with delayed production and deliveries the car is receiving a lot of praise.  When the more affordable Tesla Model 3 becomes available for orders next March, we’ll see the company move into an entirely new market and a much large one.  Delivery of the Model 3 is still at least a year away but it is believed it will be a game changer in the EV market.

Consumer Reports magazine for its January issue asked 230,000 owners what they thought of their cars from the last three model years. The survey, which aims to found which car was the most satisfying, concluded that Tesla Model S was the favorite with 97% owners saying they would buy the luxury electric car again.

On Wednesday, Tesla Motors Inc shares closed up 0.38% at $238.09. Year to date, the stock is up over 7% while in the last one-month, it is up over 3%.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.