Itochu raises stake in Chinese electric-vehicle startup Singulato sources

FILE PHOTO: the logo of The Itochu Corp., is seen outside the headquarters in Tokyo, Japan, November 7, 2016. (REUTERS photo/Toru Hanai/File Photo

BEIJING (Reuters) – the japanese Itochu Corporation has invested nearly $100 million in a Chinese electric car maker Singulato Motors to raise its share to about 7%, which is in the plans for the improvement of the holding and of the holding of any of the following conditions, two people familiar with the matter said.

The Japanese trading house, which is in turn owned approximately 1% of the Singulato last year, and was able to pump a few of the hundreds of millions of dollars” in Singulato to be the No. 2 shareholder, to be one of the people said.

The plan is to Singulato to speed up the development of the first prototype, an all-electric sport-utility vehicle called the iS6, and it is making the proper preparations for an initial public offering (IPO), the person will be added.

A Tokyo-based Itochu spokesman said the company had recently made an additional investment in the Singulato, but declined to specify the amount, other than to say that it is a small amount of money.

Asked if Itochu has conditionally agreed to in order to continue to walk in his or her investment, he said, is that there is no plan and refused to comment further.

Reporting by Norihiko Shirouzu; Editing by Edwina Gibbs

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