Chinese automaker plans self-driving, electric car by 2020

Electric cars are seen at a parking lot of an automobile factory in Xingtai, Hebei province, China, in April, 2016.

Future Mobility Corp.is one of several Chinese startups in the electric vehicles industry, and is backed by heavyweight investors, including internet giant Tencent Holdings, electronics manufacturer Foxconn and car dealership group China Harmony New Energy Auto Holding.

Its first auto will cost about 300,000 yuan (about $45,000), and will be sold in China, Europe and the USA, according to Chief Operating Officer and co-founder Daniel Kirchert.

The company, which also counts Apple's contract manufacturer Hon Hai Precision Industry and vehicle dealership group China Harmony New Energy Auto Holding as shareholders, plans to sell its cars in the U.S. and Europe, as well as domestically.

£34,000), creating 'a premium but affordable brand which will have global reach.' It is now aiming at an annual output capacity of between 250,000 and 300,000 units following the production of its first vehicle model in 2020.

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The company is in talks with investors, Daniel Kirchert, chief operating officer and co-founder, said in an interview Tuesday in Beijing, declining to give more details about the fundraising.

The company would draw from the same battery technology made by a short list of suppliers that most automakers use but aimed to better rivals with more efficient battery management software. It is expected that the first passenger vehicle model from Future Mobility will be priced about 300,000 yuan or $45,000.

A Chinese automotive startup is raising money with the stated aim of launching its first electric self-driving auto by 2020, company executives told news outlets Tuesday, and the first round of funding is expected to be completed by September.

LeEco says its proposed smart electric cars will eventually be free, making money on in-car content and other services. BMW, Audi and Mercedes-Benz [buyers],' said Breitfeld, a former lead engineer behind BMW's i8 electric sports vehicle.

Source: Chinese automaker plans self-driving, electric car by 2020