Chinese start-up company Singulato Motors plans to invest CNY15bn (US$2.38bn) over the next five years to establish a new energy vehicle (NEV) R&D centre and manufacturing base in Suzhou city in China's south-eastern province of Jiangsu.
At last year's Shanghai Motor Show, the company displayed an electric SUV prototype – which the company is looking to develop further.
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Singulato Motors, which was established in December 2014, said the investment will be made in partnership with the Suzhou city government, covering R&D facilities and manufacturing.
The company added that its Suzhou R&D operations will employ some 2,000-3,000 technical staff within five years, focusing on advanced technologies including autonomous driving.
The company's key areas of focus at present include intelligent vehicle systems and cloud car networking services.
Singulato is looking to gain exposure to the rapidly expanding domestic market for new energy vehicles, including electric and hybrid vehicles.
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By GlobalDataThe China Association of Automobile Manufacturers expects sales of NEVs to increase to around 1m units in 2018, rising to 2m units by 2020.
By 2025 it expects NEVs to account for 20% of total vehicle sales in the country.
