Future Mobility Corp signs a framework memo with Nanjing government in Nanjing, Jiangsu province on Jan 19, 2017. [Photo provided to chinadaily.com.cm]

Future Mobility Corp signed a framework memo with the local government of Nanjing Economic and Technological Development Zone in Jiangsu province on Thursday, and announced an investment plan of 11.6 billion ($1.68 billion) yuan for a plant with 300,000-unit annual production capacity.

The first phase of the FMC plant would start its trial production in 2019 to manufacture 150,000 units of mid-size premium fully electric smart sport utility vehicles. The product is set to launch in the Chinese market at a suggested price starting from 300,000 yuan.

"The FMC plant in Nanjing ought to be a high quality plant for our high quality premium positioned products. The plant will be constructed to fit into the 'Made in China 2025' strategy and the Industry 4.0 standard," Carsten Breitfeld, CEO and co-founder of FMC, told a news conference.

When asked about the nation's manufacturer permit, he said, "We are on schedule to obtain the approval of new energy vehicle production by 2019. It's challenging, but we are quite confident and ready."

China is issuing the permits to produce the new energy vehicles to those who meet the criteria in critical fields, including research and development, production, testing and experience.

The new energy vehicle maker has the product's core parts developed all by itself, including the power train and the software controlling unit, according to Breitfeld.

Daniel Kirchert, Future Mobility's chief operating officer, said, "FMC is a China-based automaker with strong international expertise, and will be manufacturing cars to be shipped all over the world, including the United States and European markets.

"We are working on a meaningful project that is to make a China originated premium car with global influence."

FMC is accelerating its research and development for the massive production, and planned to unveil its driving concept car in 2018.