LeEco to invest rs 12,000 cr in new electric car plant!

New Delhi: Outside China, LeEco (Le Holdings Co Ltd) is better known as a smartphone maker. But you might recall that it had recently made waves by showcasing an electric, autonomous car in China, called the LeSEE. And the company, which is the financial backer of the American company Faraday Future, is now going to invest over Rs 12,000 crore to develop an electric car plant. The company informed on Wednesday that the 12 billion yuan investment is aimed at building a facility in Deqing county, near the eastern Chinese city of Hangzhou. Expected to have an eventual annual production capacity of four lakh cars, the company’s first factory in the country would be built in two phases. The LeEco production plant will be part of a larger project to establish an Eco Experience Park that will almost double the total cost. The larger facility will also include an entertainment park, and facilities for Internet-connected electric cars and offices, the statement from LeEco said. A timeline, however, has not been set for flagging off operations at the company’s upcoming plant in China. The Chinese tech company also plans to manufacture cars at its plant that’s being set up near Las Vegas by partner Faraday Future. With the Indian government also recognizing the need to give a push to electric cars, the Land of the Dragon is also liberalizing the auto industry in order to promote switching to electricity from oil-based fuels. This is why more and more non-automotive companies like LeEco are showing a willingness to manufacture electric and hybrid vehicles in China. Sources: cardekho.com