The interior of Singulato Motors' concept model Tigercar P0 on display at a workshop in Beijing, China, November 7, 2016. [Photo/Agencies]

"We're targeting our EVs at young city dwellers in Beijing, Shanghai, Shenzhen and other large cities where buying a gasoline car is becoming more difficult because of purchase restrictions imposed by the government," Shen said.

"If they buy an EV, they could buy a car immediately as EVs are exempt from purchase restrictions. Tech-savvy young people are naturally going to gravitate toward EVs."