Ambitious Chinese technology company LeEco plans to invest CNY20 billion ($3 billion) to build an electric car production facility in Zhejiang province in China, with a planned production capacity of 400,000 cars per year, China Daily reported.
The company will build the factory in two phases at a 2.87-square-kilometre facility. The first phase will cost CNY6 billion. The company declined to say when production will start, and it was also unclear whether the plan was approved by industry regulators, the newspaper said.
It also plans to produce cars at a factory near Las Vegas in the US in cooperation with Faraday Future, in which LeEco founder Jia Yueting has invested, Reuters said.
The announcement comes two weeks after it announced plans to acquire Vizio, a California-based TV manufacturer, for $2 billion, giving it a footprint in North America from which to sell smart TVs.
LeEco, a relative newcomer to the smartphone market, is better known in China for its streaming video service. A month ago it added an 11 per cent stake in smartphone maker Coolpad, making it the largest shareholder in the firm with a 29 per cent interest.
LeEco said it plans to hire 800 people worldwide as it expands its range of branded smartphones, internet-connected TVs and moves into autonomous cars.
In February luxury carmaker Aston Martin announced it was partnering with LeEco to develop a range of next-gen connected electric vehicles, including a production version of Aston Martin's RapidE concept car.
Source: LeEco to invest $3B in electric car factory in China
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