Future Mobility, an electric car company jointly invested by Tencent and Foxconn and run by foreigners in China, plans to invest CNY11.64 billion, which is about USD1.7 billion, to build a plant in Nanjing.

The nascent technology company aims to seize opportunities brought by the growing demand for electric cars in China and other countries.

On the completion of this new plant, its final production capacity will reach 300,000 vehicles per year. Future Mobility did not reveal when they can realize this production capacity; however, the company said that the first-phase project will be completed in 2019 and its annual production capacity will reach 150,000 vehicles by then.

Future Mobility said based on the plans of the company, their first product made in the Nanjing plant will be a pure electric medium-sized smart SUV, which will be sold worldwide.

A spokesperson from Future Mobility revealed to local media that this smart SUV may be priced at about CNY300,000 and it is expected to put into the Chinese market in 2019.

The company only officially started in March 2016. The company is different from other Chinese EV start-ups in that its chiefs are foreigners working in China: Dr. Carsten Breitfeld, a former BWM executive is the CEO, and Dr. Daniel Kirchert, a ex-Infiniti China executive is the chief operating officer.