China’s LeEco raises $1.08B to build its electric sports car

The promise of an interesting auto industry is finally for sure. As electric cars become mainstream interest, with the traditional autos inching slowly into the arena with their hybrids,...


The promise of an interesting auto industry is finally for sure. As electric cars become mainstream interest, with the traditional autos inching slowly into the arena with their hybrids, alternative investors from the ICT space are venturing into the electric car production domain. And it’s happening no where else than in China, where a young company has just decided to raise funds for the venture. This will mean if Apples intentions are for real, then the next age of “manufacturing” will actually be run be tech companies. 

The Chinese market for electric vehicles is hot, and the latest indicator is a $1.08 billion raisefrom China’s LeEco, a Beijing-based web video company (which now dabbles in everything from televisions to transportation) that’s targeting Tesla with its own electric sports car plans. Funding for its first car is coming from Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust, according to the company.

Source: TechPapa

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