Chinese-own MG wants to develop an electric sports car with money raised through a crowd-funding program. 

MG, the famed English brand owned by Chinese automaker SAIC Motor Corp,  announced on its website that it will move forward with the vehicle if it can raise 50 million yuan (NZ$10.6m) from now to July 31. 

The MG Cyberster was revealed at the recent Shanghai motor show.

Participants in the program have to contribute10,000 yuan (NZ$2130), says Europe Automotive News. 

The MG Cyberster produces 330kW of power, reaches a speed of 100km/h in three seconds, with an electric range of up to 800km on one charge. 

In New Zealand, MG sells hatchbacks including a pure EV and hybrid.