Chinese-backed Tesla competitor wants to build 'rolling smartphone' in U.S.

Tesla Motors might be losing money hand over fist, but it doesn't mean there aren't startups keen to compete with the now-infamous EV automaker.

One taking direct aim at Elon Musk and his cohort is Faraday Future, a Gardena, California-based upstart EV automaker. Backed by Chinese billionaire Jia Yueting, the company has set aside $1 billion to invest in a new factory somewhere in the U.S., according to Bloomberg.

Beyond being an electric car company, Faraday aims to build an autonomous "rolling smartphone," one that knows its driver and his or her tastes. Intriguingly, Faraday doesn't see its profits coming from dealership sales. Instead, it aims to make money on connected car services, car sharing, apps, and media that are beamed into its cars. Read more...