Future Mobility, a China-based electric car developer backed by internet company Tencent and contract electronics manufacturer Foxconn, has secured $200m from an unnamed investment fund, according to a regulatory filing on Monday.
The company has agreed the funding with an investment fund the document said had been formed by several investors for the purpose of backing Future Mobility. The deal values Future Mobility at $750m post-money.
Future Mobility is working on a self-driving electric vehicle that it aims to launch by 2019, and has previously stated it hopes to develop a range of models from the start, rather than initially focusing on a luxury vehicle like rivals Tesla and NIO.
The company plans to unveil its cars in the fourth quarter of 2017, with mass production slated to begin in two years’ time. It intends to primarily focus on its home market.
Car dealership group China Harmony New Energy Auto Holding invested $30m in Future Mobility in December 2016 and currently holds a 33.33% stake. China Harmony, Tencent and Foxconn also supplied an undisclosed amount of series A funding for the company in July 2016.