From smartphones to intelligent TVs, Chinese tech giant LeEco is now preparing to enter the world of car manufacturing.
Part of a larger project, which will include the creation of an “Eco Experience Park”, which will cost the company 20 billion yuan ($3 billion), the electric vehicle car plant will cost 12 billion yuan ($1.8 billion) and will be built in the Zhejiang province, Hangzhou, with an annual production capacity of 400,000, as Reuters writes.
If the name of the region sounds familiar, then you remember that the Wanxiang Group, which owns Karma Automotive, is eyeing a manufacturing facility in Hangzhou as well, with a 50,000 annual capacity, where it will produce vehicles on the Karma platform.
Despite making the announcement earlier this week, Le Holdings Co. Ltd. (LeEco) has yet to say when construction will kick off, but this won’t be the company’s sole factory, as it also plans to produce vehicles near Las Vegas, USA, with Faraday Future, in which LeEco’s founder has invested massively.
LeEco has already tested the market with the LeSEE Concept, shown in Beijing earlier this year, an electric four-door coupe with autonomous tech that benefits from wireless charging, which could become a potent Tesla rival.