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Start-ups try to capitalise on the Electric Vehicle revolution

Start-ups try to capitalise on the Electric Vehicle revolution
Santosh Nair Santosh Nair Friday 19 August 2016, 19:41 PM

Tesla has become a sort of idol when it comes to taking the EV revolution seriously. And judging by their success a number of players have joined the race to bank in on the benefits.

What snatches your attention, though, is when a top executive from a well-known car maker resigns to make an electric car company called WM Motor, and in the process raises one billion dollars for the start-up! We are talking about Freeman Shen who resigned from the CEO’s position at Volvo Cars in 2014, and has now chalked out plans to introduce his first electric vehicle in 2018. 

Freeman Shen’s story reads differently because he was instrumental in China’s acquisition of Volvo Cars, and has 22 years of expertise in the automotive industry. Freeman Shen said, “We have profound experience in the industry, which distinguishes us from other start-up companies, even Tesla. We don’t want to make toy-like luxury cars for the minority. We will target the mass market.” The majority of electric car makers see the prospects in the Chinese government’s promise to support EV businesses so that oil imports can be minimised.

Backed by a team of experts who revel in product development, production and sales, and parts procurement in the Chinese auto arena, Shen is optimistic that his venture will be hard to beat. As of now, he’s getting ready to set up a factory in eastern China once a go ahead is attained. Initially, while his electric cars will serve the Chinese market, they will eventually move out to the international arena at a later time.

The EV times have never been so good, and the choice available to the end buyer can only make the competition and product stronger.


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