Future Mobility seeks to cash in on demand for intelligent cars with new plant investments

China-based automakers are racing to build new premium intelligent electric car plants in a bid to cash in on the country's burgeoning demand for smart connected vehicles.

Future Mobility Corp, a Chinese electric-vehicle company and a new entrant to the industry, inked a framework memo with Nanjing Economic and Technological Development Zone in Jiangsu province on Thursday, and announced an investment plan of 11.6 billion yuan ($1.7 billion) for a new production plant with a 300,000-unit annual production capacity.