Chinese start-up Singulato Motors is to invest 15 billion yuan (US$2.4 billion) over the next five years into Suzhou, a city in eastern China
Singulato Motors, a China-based EV and intelligent vehicle start-up, has announced a new agreement with the Suzhou city government, covering the research and development of so-called new-energy vehicles (NEVs).
According to reports via Chinese news outlet Xinhua, Singulato Motors plans to set up a global research and development centre in the city, employing around 2,000-3,000 people over the next five years.
One such area Singulato want to focus on, Xinhua reported, is autonomous vehicles, although the partnership also extends to production. Singulato Motors intends to build an EV manufacturing plant in Suzhou – the company’s second after a facility built in 2016 in Tongling, a city just west of Suzhou.
Singulato Motors only recently announced plans to release six purely electric vehicles onto the market. The first to be released will be the Singulato iS6, an electric SUV expected to become available at the end of this year.
To bolster the NEV sector in China, the partnership will establish a 10 billion yuan (US$1.6 billion) investment into start-up companies in the same sector.
China has swiftly grown to be the world’s top seller of NEVs since it began pushing for low-carbon transport in 2009. 770,000 NEVs were sold in China last year, which accounts for more than half of NEV sales in the rest of the world.
China is to be rolling out NEV-friendly policies later this year to bolster efforts to expand its domestic market.