Future Mobility, an auto startup backed by internet giant Tencent Holdings Ltd., plans to launch an electric self-driving car before 2020.

The four-month-old auto company plans to sell several hundred thousand fully electric, highly automated, China-built vehicles yearly. Chinese luxury-car dealer Harmony New Energy Auto and Foxconn Technology Group are also backing Future Mobility.

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The new venture of the company aims to produce premium cars like Tesla, but it would employ a different strategy from the U.S. company. The company is currently closing its Series A round of funding, which includes dealership chain China Harmony New Energy Auto.

The startup has already poached 50 engineers from companies like Google, Tesla, Mercedes-Benz and BMW. Future Mobility has said that the company it would have nearly 600 engineers from around the world within a year. The company plans to produce 250,000 to 400,000 electric self-driving cars annually, Fortune reported.

“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 by this platform,” CEO Carsten Breitfeld said.

Future Mobility is not the first start-up automaker to set a bold target. Chinese-invested Atieva aims to launch an electric car by 2018 and LeEco has a proposal to develop smart electric cars that will eventually be free - the company plans to make money from in-car content and other services. Even Elon Musk’s company now target to manufacture 500,000 cars annually by 2018, according to Reuters.

TagsChinese automaker, Future Mobility, Tencent-backed company, Tencent, Self-driving cars, smart-electric cars, Self-Driving Cars by 2020