Sokon plans to add investment in SF Motors
Shanghai (Gasgoo)- Chongqing Sokon Industry Group Stock Co., Ltd. (Sokon) announced on Mar. 10 that the company plans to add investment in its wholly-owned subsidiary SF Motors. With a total investment of $30 million, the capital fund of SF Motors will be totaled $200 million. What's more, SF Motors will unveil its first model in Silicon Valley on Mar. 28. The new model will be positioned as a pure electric SUV model.
With an aim to develop super electric vehicles, SF Motors was founded by Sokon in Silicon Valley, America in January, 2016. It was quite sensational that the America-based company had once acquired InEVit, an American battery system company, which was founded by Martin Eberhard, a co-founder and first CEO of Tesla. After the acquisition was finished, Martin Eberhard as well as his team also joined SF Motors.
In addition, SF Motors also acquired AM General's commercial assembly plant ("CAP"). AM General, American leading vehicle solution provider, is famous for manufacturing the Hummer H2 and the Mercedes-Benz R-Class.
SF Motors has three R&D centers worldwide, including Silicon Valley Power System and Intelligent Driving R&D center, Michigan Product Designing and Developing Center, and Chongqing Product Designing and Developing Center. The company plans to develop high-end (C-class) and mid-end (B-class) electric vehicle products.
The development cycle of C-class models is expected to be 36 months. The project was started in June, 2016 and is expected to achieve mass production in June, 2019. The development period of B-class model is expected to be 26 months. The project was started in September, 2016 and is expected to achieve mass production in January, 2019.