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Foundering LeEco Breaks Ground on $3 Billion EV Manufacturing Complex in China
Image credit: Car News China

Foundering LeEco Breaks Ground on $3 Billion EV Manufacturing Complex in China

 Source:CarNewsChina | Publication date: Dec 28, 2016 | Author(s):W.E. Ning

Despite putting its Faraday Future operation on hold, Car News China reports that parent company LeEco recently held a groundbreaking ceremony to mark the start of construction of a $3 billion manufacturing complex in Huzhou City.

Set to build the LeSee electric sedan, the 4,300 acre site will reportedly be fully-automated and include factories for assembling vehicles and building batteries and electric motors. The facility is expected to support an initial annual production capacity of 200,000 cars and eventually manufacture as many as 400,000 vehicles per year.

Car News China notes that CEO Jia Yueting did not attend the ceremony, perhaps owing to the fact that he is said to be overseeing operations at Faraday. The website also mentions that LeEco has not yet been granted an official license by the Chinese government to produce cars.

Earlier this week, LeEco announced that it had secured $1.44 billion in funding from an unknown investor amidst concerns about the company’s mounting financial woes.

Read full article at: CarNewsChina »





 
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