Evelozcity Targets 2021 Launch for EV

Los Angeles-based electric vehicle startup Evelozcity Inc. aims to launch its first vehicle in 2021.

The company, which was formed in January by three former Faraday Future Inc. executives, is developing a modular skateboard-type chassis that it aims to use for a variety of models that will be priced at about $35,000. Among the models under development are a city car, small delivery van and shuttle-like vehicles that that will target ride-sharing services.

Each model will have an estimated driving range of at least 250 miles. All will incorporate autonomous driving technologies as they are developed.

Evelozcity plans to outsource production and sell vehicles directly to consumers and businesses. Company officials say they have raised about $1 billion from investors in the U.S., Europe and China.

The 100-person startup is led by Stefan Krause, Ulrich Kranz and Richard Kim. All three joined Faraday from BMW AG. But they left late last year after clashing with CEO Jian Yueting as the struggling EV venture tried to raise capital to stay afloat.

Krause and Kranz head Evelozcity operations and technology, respectively. Kim leads the new company’s design efforts.

Faraday filed a lawsuit against Krause and Kranz in January, claiming the pair had stolen company secrets and poached 20 other employees to join Evelozcity. The pair denies the allegations.