Chinese EV start-up raises $600m as subsidies spur 'gold rush'
Beijing-based Zhiche Auto has raised $600m to develop an electric vehicle using proprietary technology in a further sign of a subsidy-driven gold rush in the Chinese EV market. The company will invest CNY8 billion in a 67-hectare industrial park with annual production capacity of 200,000 vehicles, and two R&D centres. The car will be called Singulato in English and Jidian in Chinese and is slated to hit roads at the end of 2017.

Tesla electric cars are seen being serviced at its Hong Kong facility. The electric vehicle market is becoming a crowded field in China. Photo: Felix Wong