China e-car newcomer Future Mobility raises $200M in new financing

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BEIJING (Reuters) – A Chinese-funded electric-car startup Future Mobility Corp, led by former BMW and Nissan Motor Co sales executive as president and co-founder, has raised $200 million in its latest round of financing.

Daniel Kirchert, Future Mobility’s president, told Reuters in an interview main investors in its new financing round include Fullshare Holdings Ltd and Zijin Venture Capital. He said most of the money will be used for product development.

Future Mobility has said it plans to launch three models. The first, a premium midsize crossover sport-utility vehicle (SUV), will arrive by the fourth quarter of 2019, followed within three years by a sedan and a 7-seater multi-purpose vehicle (MPV). All initial vehicles will likely be priced around 300,000 yuan ($44,874.58) to be able to complete with the Tesla Model 3 sedan.

($1 = 6.6853 Chinese yuan renminbi)