Renault's concept vehicle EZ-GO is designed to be pooled and available on-demand like a taxi service, continuing the trend of the'sharing economy' seen with companies like Uber. Founders of EVelozcity, all former members of auto tech startup Faraday Future, include designer Richard Kim (left), CEO Stefan Krause tech lead Ulrich Kranz. SAN FRANCISCO -- The newest electric car start-up vows it will learn from Tesla's mistakes by echoing Apple's iPhone moves and designing -- but not building -- its vehicles, with its sights set more on the economy market. EVelozcity, a company based in Los Angeles founded by veterans of BMW and electric car start-up Faraday Future, revealed Tuesday it had secured $1 billion in funding from an unnamed group of U.S., European and Chinese backers. The company plans to design and engineer an electric car and leverage third-party contractors for everything from self-driving car software to manufacturing.