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LeEco challenges Tesla with a $1.8B electric car factory in China

by Jacob Kleinman | August 11, 2016August 11, 2016 6:00 pm EST

LeEco announced plans this week to build a massive electric car factory in eastern China. The company is set to spend 12 billion yuan (roughly $1.8 billion) on the plant, which could eventually produce 400,000 cars per year.

Reuters reports that the plant will be built in two phases. It’s also just one part of an even larger Eco Experience Park set to cost 20 billion yuan ($3 billion) total. The property will include an amusement park, along with offices and other employee facilities.

LeEco didn’t say when it expects to finish the electric car factory. The company previously showed off a futuristic self-driving concept car called LeSee, which featured a steering wheel that folds into the dashboard, external displays and isolated passenger pods. It could theoretically reach speeds of up to 130 miles per hour, but the company didn’t offer any specifics on the hardware inside or a potential price.

The company will likely produce its own electric cars to compete with Tesla and the rest of the industry eventually, though it could take years to get the operation up and running. In the meantime, LeEco has also partnered with Faraday Future to build a seperate EV factory in Las Vegas, though we don’t know when that vehicle will hit the road either.

Reuters

Jacob Kleinman

Jacob Kleinman has been working as a journalist online and in print since he arrived at Wesleyan University in 2007. After graduating, he took a...

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