China’s technology company LeEco, formerly known as LeTV, will invest $1.8 billion (12 billion yuan) to build an electric car plant in eastern China with eventual annual production capacity of 400,000.
LeEco said in a statement its first China factory would be built in two phases in Deqing county near the eastern Chinese city of Hangzhou.
The factory will manufacture LeEco’s autonomous electric vehicle, the LeSee, which was first unveiled in April. The LeSee concept car can achieve a top speed of 209km/h and has been engineered to be a “smart”, “connected” and “automated self-driving” car, LeEco said at the time.
The facility is part of a $3 billion auto theme park which will also include entertainment facilities featuring auto-related elements. All vehicles in the park will be electric, shared, and will be driven autonomously based on internet technology, the statement said.
LeEco didn’t say when it planned to complete the factory.WSJ]