The company, famous for its smartphones and online streaming services, announced on Wednesday that it would spend 12 billion yuan (approximately $1.8 billion) in establishing an electric auto plant in Hangzhou, in China’s Zhejiang province.
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Outside China, LeEco (Le Holdings Co Ltd) is better known as a smartphone maker.
LeEco founder Jia Yueting has also invested in the Faraday Future plant being built near Las Vegas.
JiaYueting, LeEco’sfounder, and chairman stated that LeEco and Faraday Future would extend and improve on their global partnership with regards to the manufacturing, research, and development, supply chain as well as charging facilities. “After the completion, the LeSEE auto will also be the first D-class vehicle with independent intellectual property rights to come off a production line in China”, said Yueting Jia, Founder and Chairman, LeEco.LeEco is also building a business park that will house office spaces, an advanced manufacturing theme park for exhibitions and tourist attractions. Back in April, the Chinese electronics company best known for its TVs and smartphone (once named LeTV, if that rings more bells) carted out its self-driving concept vehicle during a big phone unveil in Beijing. The plant will be located in China’s Zhejiang province and is expected to manufacture 400,000 electric vehicles annually with self-driving features. The firm oversees a total of three car-making enterprises. LeEco has also assisted another start-up, Atieva, as well as working with Aston Martin on the electric RapidE, for which LeEco designed a new infotainment system.
It was announced that the plans to begin construction will be implemented either late this year or early next year.
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The trend comes amid a boom in China’s new-energy vehicle market.
