An automotive venture backed by China tech giant Tencent aims to launch an electricbefore 2020, entering a crowded field dominated by US-based Tesla, the chief executive told Reuters on Tuesday.
Future Mobility, backed by Tencent and Hon Hai Precision Industries, is one of an expanding field of China-backed ventures that aim to take onMotors Inc as green energy car sales boom in China.
Although the venture sought to produce premium cars like Tesla, it would attempt a different strategy from the US company that began with relatively limited production and focuses on a single model at a time, CEO Carsten Breitfeld said in an interview.
“Right from the beginning we define the platform, right from the beginning we define the production process to be mass production and right from the beginning we think of more than one model, a family of models, defined from this platform,” Breitfeld said, defining mass production as 250,000 to 400,000annually.
The company was in the midst of closing its Series-A round of funding, which also included dealership chain China Harmony New Energy Auto, Breitfeld said.
He declined to give financial terms of the first round or name other potential investors that the company was in talks with, although he said the leadership team would also have partial ownership.
While Future Mobility intended to jump directly to fully self-driving cars, drivers would only be able to turn on full autonomy in a pilot city at first, later expanding to other geographies.
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.