LeEco plans 12 billion yuan EV plant in Deqing
Major Chinese Internet company Le Holdings Co., or LeEco, plans to build a 12 billion yuan ($1.9 billion) electric vehicle plant in eastern China's Zhejiang province.
Construction on the factory, to be located in the province's Deqing county, will begin by the end of the year or early 2017, the Zhejiang provincial government said on its website.
The plant, which will build D-class electric cars, will initially produce 200,000 vehicles a year. Annual production capacity will be expanded to 400,000 vehicles in the future.
Additional details about the plant and its products weren't released.
The Deqing plant will be LeEco's first production site in China.
The company also expects to launch output in the United States with the help of Faraday Future, a California-based company backed by LeEco founder Jia Yueting.
At the Beijing auto show in April, Jia introduced the LeSEE electric self-driving concept car. He hopes to produce a version of the LeSEE at a plant being built near Las Vegas by Faraday. Those cars will be sold in the United States and China.
Aside from LeEco, at least two other Internet companies in China have unveiled plans to build EVs in China.
Earlier this month, Chehejia Information Technology Co., a Beijing-based startup, broke ground for an 5 billion yuan ($789 million) EV assembly plant in the eastern China city of Changzhou.
Chehejia is backed by Li Xiang, founder of auto information website autohome.
In April, NextEV awarded a 10 billion yuan contract to Jianghuai Automobile Co. to produce its EVs.
NextEV was established in 2014 by William Li, chairman and founder of Bitauto Holdings, a leading online provider of car pricing information.
The plant, which will build D-class electric cars, will initially produce 200,000 vehicles a year. Annual production capacity will be expanded to 400,000 vehicles in the future.
Additional details about the plant and its products weren't released.
The Deqing plant will be LeEco's first production site in China.
The company also expects to launch output in the United States with the help of Faraday Future, a California-based company backed by LeEco founder Jia Yueting.
At the Beijing auto show in April, Jia introduced the LeSEE electric self-driving concept car. He hopes to produce a version of the LeSEE at a plant being built near Las Vegas by Faraday. Those cars will be sold in the United States and China.
Aside from LeEco, at least two other Internet companies in China have unveiled plans to build EVs in China.
Earlier this month, Chehejia Information Technology Co., a Beijing-based startup, broke ground for an 5 billion yuan ($789 million) EV assembly plant in the eastern China city of Changzhou.
Chehejia is backed by Li Xiang, founder of auto information website autohome.
In April, NextEV awarded a 10 billion yuan contract to Jianghuai Automobile Co. to produce its EVs.
NextEV was established in 2014 by William Li, chairman and founder of Bitauto Holdings, a leading online provider of car pricing information.
