Tencent-Backed Startup Future Mobility Aims to Launch Smart Electric Cars Before 2020

BEIJING--Future Mobility Corp., a Chinese auto startup backed by Tencent Holdings Ltd. (0700.HK), said Tuesday it aims to launch its smart electric cars before 2020.

The China-produced cars, with features of highly automated driving, will be sold in the country as well as the U.S. and Europe, said Future Mobility Chief Executive Carsten Breitfeld.

"Our brand will be global and premium," Mr. Breitfeld said, adding that he expects the company to sell several hundred thousands of cars a year.

Established in March, Future Mobility is funded by Tencent, one of China's largest internet companies, Apple Inc.'s (AAPL) main assembler Foxconn Technology Group (2317.TW) and a Chinese car dealership.

The company has hired about 50 engineers from BMW AG (BMW.XE), Mercedes Benz, Tesla Motors Inc. (TSLA) and Google (GOOG). In the next 12 months, it will have about 600 engineers globally, Mr. Breitfeld said.

-Rose Yu

(END) Dow Jones Newswires

July 12, 2016 01:08 ET (05:08 GMT)

Tesla (NASDAQ:TSLA)
Historical Stock Chart
From Aug 2024 to Sep 2024