Exclusive: Singulato is China’s latest e-car newcomer to rev up with big fundraising

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Exclusive: Singulato is China’s latest e-car newcomer to rev up with big fundraising

By Norihiko Shirouzu BEIJING (Reuters) – Little-known Chinese electric car┬ástart-up Singulato Motors is expected to say this week it raised around $600 million in a second fundraising – the latest such move illustrating China’s headlong ‘gold rush’ into all-electric battery cars. The apparent ease with which Chinese electric car start-ups can raise new funds is largely down to government subsidies and favorable policies. While China today is reminiscent of Detroit in the early 20th century, with a host of new car makers arriving on the scene, Beijing is expected to phase out subsidies from 2020 – potentially crushing the start-ups’ survival rate.

http://news.yahoo.com/exclusive-singulato-chinas-latest-e-car-newcomer-rev-233120797–sector.html

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24 comments on “Exclusive: Singulato is China’s latest e-car newcomer to rev up with big fundraising

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