Asia Tech Wire (July 31) -- Faraday Future (NASDAQ: FFIE) founder YT Jia said BYD is not a competitor of the California-based electric car maker.

Jia posted a video on Chinese social media platform Weibo on Wednesday, saying the company's car products will mainly target the U.S. and other countries.

He said, "BYD is not our competitor because we mainly take the U.S. and other countries as our second market."

"Who are we competing with in the U.S.? [Faraday Future needs to think about] how to compete with GM, how to compete with Ford, how to compete with BMW, Mercedes-Benz, Volkswagen, especially Volkswagen launching low-end products," Jia stated.

The Chinese entrepreneur, who is running Faraday Future in the U.S., said, "The brand concentration in the auto industry will get higher, but not too low, at least the U.S. can accommodate five brands."

Jia believes Faraday Future will be one of those five with some of its most unique features.