There’s a handful of automotive startups out to challenge Tesla [NSDQ:TSLA] as well as the more established makes, with new electric cars. Many of these are Chinese-backed firms operating in the United States. They’re using Silicon Valley knowhow to rapidly develop electric cars to meet growing demand for “New Energy Vehicles” in China, brought about by state incentives aimed at reducing pollution and oil dependence.
The list includes names such as Atieva, Faraday Future/ LeEco, Karma, NEVS, Qiantu and Techrules. Another is NextEV, which was only established in 2014 but already has a Formula E team, a factory in China and a U.S. team led by former Motorola executive Padmasree Warrior. The company was founded by Chinese billionaire William Li and is backed by Chinese Internet giant Tencent.
NextEV’s goal is to offer a full range of affordable electric cars that are connected to the Internet and offer self-driving capability. However, to make an impact on the market and prove the prowess of its technology, NextEV plans to launch as its first model an electric supercar. On Monday a teaser sketch of the car surfaced on a Chinese social media website.
The new supercar is expected to deliver in excess of 1,000 horsepower and be able to accelerate from 0-60 mph in under 3.0 seconds. The development is being handled at a facility in Munich, Germany, while the eventual production is said to be pegged for a location in the United Kingdom.
NextEV has stated that the supercar will be revealed in November, suggesting that it could make an appearance at either the Guangzhou or Los Angeles auto shows which run that month. NextEV says it will initially target the Chinese market and produce its cars there. However, the company is evaluating other markets including the U.S.