China EV Startup Future Mobility to Build $1.7 Billion Factory
- Company will build the plant in eastern city of Nanjing
- Plans to produce and start selling first model by 2020
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Future Mobility Corp., the electric-car maker that counts former executives at BMW AG and Nissan Motor Co. among its founding shareholders, will spend 11.6 billion yuan ($1.7 billion) to build a factory in China, moving a step closer to the startup’s goal of selling its first model by 2020.
The company signed the deal with the city of Nanjing in eastern China on Thursday to build a factory, Daniel Kirchert, chief operating officer and co-founder of Future Mobility, said in a telephone interview. The factory will have an initial capacity of 150,000 units a year and subsequently double in output, he said, without providing a timeframe.