Chinese automaker plans self-driving, electric car by 2020 (updated)

China Harmony Auto Holding

12/07/2016 05:37

(Adds CEO comments, context) 
    By Jake Spring 
    BEIJING, July 12 (Reuters) - An automotive venture backed by 
China tech giant Tencent  0700.HK  aims to launch an electric 
self-driving car before 2020, entering a crowded field dominated 
by US-based Tesla Motors, the chief executive told Reuters on 
Tuesday. 
    Future Mobility, backed by Tencent and Hon Hai Precision 
Industries  2317.TW , is one of an expanding field of 
China-backed ventures that aim to take on Tesla Motors Inc 
 TSLA.O  as green energy car sales boom in China. 
    Although the venture seeks to produce premium cars like 
Tesla, it will attempt a different strategy from the US-based 
company that began with relatively limited production and 
focuses on a single model at a time, CEO Carsten Breitfeld said 
in an interview. 
    "Right from the beginning we define the platform, right from 
the beginning we define the production process to be mass 
production and right from the beginning we think of more than 
one model, a family of models, defined from this platform," 
Breitfeld said. 
    Future Mobility also stands out for poaching its leadership 
away from big-name tech and autos companies.  
    Breitfeld formerly led the BMW i series electric car 
division and brought the core team with him to the new venture, 
with others joining from Tesla, Alphabet's  GOOGL.O  Google and 
Daimler's  DAIGn.DE  Mercedes.  urn:newsml:reuters.com:*:nL3N1801Q6 
    Future Mobility is in the midst of closing its Series A 
round of funding, which also includes dealership chain China 
Harmony New Energy Auto  3836.HK , Breitfeld said.  
    He declined to give financial terms of the first round or 
name other potential investors that the company is in talks 
with. 
 
 (Reporting by Jake Spring; Editing by Stephen Coates) 
 ((jake.spring@thomsonreuters.com; +86 10 66271032; Reuters 
Messaging: jake.spring.thomsonreuters.com@reuters.net / Twitter: 
@jakespring)) 
 
Keywords: CHINA AUTOS/TENCENT HOLDINGS