LeEco to spend $1.8bn on Chinese EV factory
Chinese would-be Tesla competitor, LeEco, announced yesterday plans to spend $1.8bn on a factory in Eastern China that will be capable of producing 400,000 electric vehicles per year. Known for its LeSee electric concept car and alliance with Faraday Future, LeEco said that its first China factory will be built in two phases, although no completion date has been announced as yet. The facility is planned to make up part of an “Eco Experience Park” that will include an entertainment park and facilities for internet-connected electric cars and offices which will cost the company approximately $3bn in total.

Jia Yueting, chief executive of LeEco unveils the all-electric battery concept car called LeSEE during a ceremony in Beijing, China April 20, 2016. REUTERS/Damir Sagolj