Despite being only four months ago old, Future Mobility has unveiled out its ambitious plans for the electric car market. The company, which is backed by the Chinese tech giant Tencent, plans to sell premium electric cars by 2020.

Future Mobility is picking engineers from tech giants like Tesla, Google, BMW, and Mercedes-Benz. All these companies have announced their plans for the electric car market. Recently, Future Mobility poached 50 engineers from the aforementioned companies. Future Mobility chief executive officer Carsten Breitfeld said that the company would ramp up the hiring process to about 600 engineers in just a span of one year.

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Breitfeld is a former project manager for the BMW i8 plug-in sports car. Breiffeld told The Wall Street Journal that he plans to transform Future Mobility into a company that can compete with industry giants like BMW, Audi, and Mercedes-Benz.

In a statement acquired by Livemint, Breifeld said, "Right from the beginning we define the platform, right from the beginning we define the production process to be mass production and right from the beginning we think of more than one model, a family of models, defined from this platform."

Breifeld added that he plans to produce between 250,000 to 400,000 cars on an annual basis.

A handful of Chinese tech giants are slowly transitioning into the car market. Last week, e-commerce giant Alibaba launched its first smart car which is now available for pre-order. In June, Baidu, JD.com, and Tencent invested $150 million in Bitauto, a service that combines the features of AutoTrader, Cars.com, and Consumer Report.

TagsFuture Mobility, china, China Tech, Tech, Electric cars, cars, Tesla, Google