New Chinese electric-car manufacturer targets young people 2017
Little-known Chinese electric car start-up Singulato Motors appears closer to building a cutting edge production plant, with the company expected to announce its raised about $600 million in a second fundraising push.
Co-founder and CEO of the Beijing-based company, Shen Haiyin, said his company has raised about $700 million in total, much of it from an investment fund run by the municipal government of Tongling City in Anhui province as part of a "strategic partnership".
The company plans to invest in technology and build what Shen promised would be a state-of-the-art electric vehicle (EV) production plant in Tongling capable of making 200,000 cars a year within about four years.
The two-year-old start-up, that employs 140 people, plans to roll out its first product, a crossover sport utility vehicle, by late next year or early 2018.
"We're targeting our EVs at young city dwellers in Beijing, Shanghai, Shenzhen and other large cities where buying a gasoline car is becoming more difficult because of purchase restrictions imposed by the government," Shen said.
"If they buy an EV, they could buy a car immediately as EVs are exempt from purchase restrictions. Tech-savvy young people are naturally going to gravitate toward EVs."
H/T: Chinadaily
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