Iconiq electric cars 'ready for mass production by 2019'

Tianjin-based Chinese electronic vehicle company Iconiq Motors has completed a new round of financing totaling 1.2 billion yuan ($182.5 million) from institutions headed by GSR Capital, paving the way to fulfill the company's ambition to develop high-end electric vehicles and start mass production in 2019.

Iconiq Motors President Wu Nan said that thanks to support from Tianjin High-Tech Area (THT), Iconiq Motors has already started work of its manufacturing facility in Tianjin, and he expected to secure the production license after the plant is completed.

According to Wu, a second production facility in southern China is also in the pipeline.