The startup is backed by Chinese billionaire Jia Yueting, the founder of "China's Netflix," LeTV. It has plans to build a 900-acre, $1 billion factory in Nevada, starting this month.

But the automaker was conspicuously secretive about its intentions. Rumors varied: Some thought it was creating an electric car to rival Tesla in style and luxury. Others figured Faraday would go for a vehicle dedicated to the shared mobility movement. Whatever it would be, it was supposed to change the auto industry.

So when the company pulled the white satin cover off its concept car at CES, it surprised the audience in two ways—one good, one not.

The FFZero1 is a race car from the future, built around a gleaming white single-seat cockpit. The clear rear fin projects lap times and telematics information. The driver's seat is at a 45-degree angle to the ground.