Future Mobility is an EV (Electric Vehicle) start-up in China with the object of launching a premium electric car by 2020 that will compete with premium European vehicles such as Audi, BMW and Mercedes and also with those from Japan and North America.
Future Mobility is no mere ‘wannabe’ but is backed up by stakeholders including the Taiwanese multinational electronics contract manufacturing company Foxxconn Technology group, and Tencent Holdings which is one of China’s major investment holding companies.
According to Carsten Breitfeld, CEO of the aptly named Future Mobility, the company intends to create a technology platform designed to quickly increase development and production of a family of electric powered vehicles. Breitfeld states that the first half of this year will see the development and unveiling of a new automotive brand that will be priced at about $45,000 – or 300,000 Chinese Yuan.
One of the reasons for this initiative could be to attack the German automotive industry that currently controls around 80% of the Chinese market. Far better in China’s eyes that China does this itself! This challenge to German manufacturers by an electric vehicle made completely in China is a serious one, and Germans should look carefully at this threat. The Chinese are not without expertise in engineering and technology.
Future Mobility expects the Chinese market to increase in by at least 1.5 million vehicles each year by 2020, and expects itself to be manufacturing at least 300,000-400,000 100% electrically powered vehicles within two years of starting production. Most of the R&D will be run from the company’s development unit in the city of Shenzhen located in the Southern China Guangdon that links Hong Kong to mainland China. However, the company will also be setting up other R&D facilities in Munich, Germany, and Silicon Valley, California.
Automotive Companies involved in the development of high performance and high quality electric cars in the US and Europe must look at themselves to determine how they will counter this threat from China. This large and developing country is never backward in its marketing, and firms such as Ford, Audi and Mercedes should be aware of this threat that has significant financial and political backing.
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