New Chinese electric-car manufacturer targets young people

Updated: 2016-11-08 11:01

(Agencies/chinadaily.com.cn)

Singulato Motors co-founder and CEO Shen Haiyin behind the wheel of his company's concept vehicle Tigercar P0 at a workshop in Beijing, China, November 7, 2016. [Photo/Agencies]

Little-known Chinese electric car start-up Singulato Motors appears closer to building a cutting edge production plant, with the company expected to announce its raised about $600 million in a second fundraising push.

Co-founder and CEO of the Beijing-based company, Shen Haiyin, said his company has raised about $700 million in total, much of it from an investment fund run by the municipal government of Tongling City in Anhui province as part of a "strategic partnership".