Singulato Motors co-founder and CEO Shen Haiyin poses in front of his company's concept car Tigercar P0 at a workshop in Beijing, China, November 7, 2016. REUTERS/Thomas Peter
BEIJING: Little-known Chinese electric car start-up Singulato Motors is expected to say this week it raised around US$600mil (RM2.53bil) 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 favourable policies. Subsidies can total around 110,000 yuan (RM68,359) a car, or around a third of the sticker price of a model such as the BYD e6.
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