China’s Singulato Motors raises $ 600 million to produce 200,000 electric cars
- Chinese start-up Singulato Motors will raise $ 600 million to build an electric car production plant capable of producing 200,000 vehicles per year by 2020.
- In the first nine months of the year, 289,000 green vehicles were sold in China, including 216,000 electric cars.
Chinese start-up Singulato Motors, which specializes in the production of electric cars, is expected to announce a funding round of $ 600 million this week, according to information reported by Reuters. According to Shen Haiyin, co-founder and CEO of Singulato Motors, the company has raised around $ 700 million in total since its inception two years ago.
Founded in 2014, Singulato Motors produces electric vehicles. For its first model, the company internally developed the electric propulsion as well as the connected systems, while the doors, seats and other basic parts were entrusted to the company IAT Automobile Technology. For its future models, Singulato Motors plans to design, develop and manufacture more of its own parts.
The start-up mainly targets young city dwellers living in Beijing, Shanghai, Shenzhen and other major Chinese cities where purchasing a gasoline car is becoming increasingly difficult due to purchasing restrictions imposed by the government. . In the Chinese capital, drivers of gasoline-powered cars are prohibited from driving one day a week (excluding weekends).
There are many Chinese start-ups entering the electric car market. And for good reason, they benefit from favorable policies and government subsidies. These can be as high as $ 16,285 per car, according to Reuters. In the first nine months of the year, 289,000 green vehicles were sold in China, up 100%, including 216,000 electric cars, up 128%, according to the Association of Automobile Manufacturers in China.
Such as Singulato Motors, Future Mobility, LeEco LeSee, Next EV and Changjiang Auto are among the new manufacturers in the sector financed by the Chinese authorities. The American companies Atieva and Faraday Future are also supported by the government.
The objectives of the Start-up
With this investment, Singulato Motors plans to accelerate the development of its electric cars. The Chinese start-up plans to build an electric car production plant capable of producing 200,000 vehicles per year by 2020. Ambitions reminiscent of those of the American Tesla and its 500,000 vehicles. In the meantime, the company is aiming for 2018 to market its first car.
CEO: Shen Haiyin
The head office : Beijing
Activity: electric car manufacturer
Funding: $ 600 million raised in November 2016