The Chinese tech giant LeEco has begun construction on its planned $3 billion electric car manufacturing facility in China, following a $1.44 billion investment from an unnamed source.
The $1.44 billion investment followed a $600 million investment, also from unnamed sources, that followed a leaked internal letter from founder Jia Yueting explaining the firm’s precarious financial situation (caused by too much expansion, according to Yueting).
Once completed, the new facility will reportedly be able to manufacture up to 400,000 vehicles a year by 2018. Issues remain, though, with regard to manufacturing licenses for the facility, so who knows if that production goal will be met?
Inhabitat provides more:
“According to Car News China, LeEco hasn’t yet obtained a government license to produce their LeSee cars at the factory. The outlet even said there’s a “real possibility” the government will refuse LeEco a license, as the CEO isn’t currently popular in Beijing. However, according to the South China Morning Post, a mayor of a city close to the factory said the local government will support the project.
“Should LeEco obtain permission, the factory is slated to produce the company’s first concept car, the LeSee. Zhang Hailiang, chief executive of LeEco’s car unit LeSupercar, said the factory will be automated completely, as robots do the bulk of the work. The electric vehicle would be equipped to operate autonomously. Fancy features include five in-car screens, smart seating, and the ability to recharge via magnetic charging stations.”
Considering LeEco’s massive involvement in the streaming media market in China, the interior screens are likely intended to be an integral part of the vehicles, providing an easy new means of pushing the company’s media business.
LeEco Shows Off Bold New EV Concept
Billionaire Behind LeEco (& Faraday Future) Slashes His Pay
LeEco LeSEE San Francisco Unveiling Provides New Details
Atieva’s Complicated EV History, Concept Image & Name (Atvus)
Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:
I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...