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China-Based EV Startup Future Mobility Raises $200 Million
Chinese startup Future Mobility Corp., which hopes to begin selling highly automated electric cars in two years, has attracted $200 million in first-round funding from Chinese investors.
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Chinese startup Future Mobility Corp., which hopes to begin selling highly automated electric cars in two years, has attracted $200 million in first-round funding from Chinese investors.
The company is headquartered in Shenzhen. Initial backers include social network giant Tencent Holdings, Foxconn Technology Group and Chinese luxury car dealer Harmony New Energy Auto.
The new investors include China-based Fullshare Holdings and Zijin Venture Capital. The funding will be used for product development, Reuters reports.
Led by former BMW and Nissan executives, the company has laid out ambitious goals. The startup claims it will introduce a luxury midsize crossover EV at the end of 2019 at a retail price of 300,000 yuan ($44,900). That model will be followed by an electric sedan and larger crossover within three years.
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