According to The Wall Street Journal, LeEco said it will spend 12 billion yuan ($1.8 billion) to build a factory in China, which will produce internet-connected electric cars that will also feature autonomous-driving capabilities.
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“The factory, which will be built in Zhejiang province’s Deqing county, is part of LeEco’s 20 billion yuan Eco Experience Park project which will include an entertainment park”.
LeEco is also building a business park that will house office spaces, an advanced manufacturing theme park for exhibitions and tourist attractions. Wanxiang Group has asked for Chinese government approval to build a plant in the same city where the automotive components manufacturing company is headquartered.
The company did not say when it planned to complete the factory. It’s being spurred by the Chinese government’s incentives to promote switching over to clean energy as a replacement for petroleum to fuel vehicles.
LeEco will also partner with Faraday Future, a USA -based electric vehicle manufacturer that some consider to be a “potential Tesla Motors Inc (NASDAQ: TSLA) killer”. In the USA, there’s Faraday Future; there’s the electric version of the Aston Martin Rapide; and finally, the newest LeSEE electric sedan (the Tesla Killer). And now, LeEco is stopping at nothing to establish itself as the company to beat – not only in China, but perhaps on the global scene as well.
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A sign is seen on all-electric battery “concept” auto called LeSEE as it’s unveiled by Jia Yueting (unseen), co-founder and head of Le Holdings Co Ltd, also known as LeEco and formerly as LeTV during a ceremony in Beijing, China April 20, 2016.
