Chinese-backed electric-car venture Future Mobility, which has ambitions to mass-produce a self-driving car by 2020, continues to fuel expectations, securing $200 million in funding from private investors this week. The announcement, from company President Daniel Kirchert on Tuesday, comes after Future Mobility revealed plans in January for an 11.6-billion-yuan ($1.73 billion) factory in Nanjing. The new investors include retailer Suning Commerce Group, the holding arm of real estate developer Full Share Group, and an unnamed government-owned enterprise. Kirchert said his firm, which began as a joint venture between tech giants Tencent and Foxconn, has raised more than $300 million in three funding rounds. Tencent and Foxconn backed out of their pledge to each invest 300 million yuan to the startup late last year. According to Caixin, Hong Kong-listed dealership franchise Harmony Auto – which according to the original joint venture plan holds 40% of the company – introduced new investors, including Jinheng Investments.
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