Shanghai (ZXZC)- Chinese EV startup SITECH DEV (SITECH) launched on August 12 its all-new corporate strategy, aiming to be a provider of highly cost-effective all-electric mobility products and services.

SITECH AEVS; photo credit: SITECH

At the same time, the company announced the completion of its latest financing round, which attracted Shanghai Hemu Technology Co.,Ltd. into the lineup of its investors.  

Under the strategy, the startup will conduct R&D business on its own and also with partners. Chongqing SITECH will be responsible for the development of such core technologies as electrical/electronic architecture, autonomous driving, and big data-enabled applications. In other fields, the automaker will endeavor to maximize the advantages of mature industrial chain resources and carry out R&D in partnership with leading technology developers. Through these methods, SITECH expects to efficiently shorten R&D time, lower R&D cost, and rapidly upgrade products.

As for car production, the company will select contract manufacturers depending on market distribution, regional market share, factories’ capacity, and other factors, and build a strict quality control system.

In January this year, the EV manfuacturer formed a strategic partnership with Sinotruck to make the latter offer SITECH contract manufacturing service.

At the strategy launching ceremony, SITECH also released its all-new electric mobility service brand “Diandongwu” (meaning “Electric House”). In cooperation with the famous Japanese anime IP Crayon Shin-chan, the first model under the brand hit the market at the same time with two trim levels offered. Guiding prices stand at 59,800 yuan ($9,230) and 65,800 yuan ($10,160) respectively.