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LeEco is taking on Tesla by building a $1.8 billion electric car factory

LeEco LeSee concept
Ronan Glon/Digital Trends
Tesla, you’ve got some competition. While we may know LeEco best for their smartphones, the Chinese technology company is expanding its offerings in a major way. LeEco (also known as Le Holdings Co. Ltd.) is planning on investing 12 billion yuan, or $1.8 billion, in an electric car plant in eastern China. The ultimate goal is an annual production capacity of 400,000 cars.

Included in these cars is the LeSee “Tesla Killer,” an electric car that debuted to great fanfare back in May at the Beijing Auto Show. It’s also reported that the LeSEE taxi will be manufactured at this facility. The factory is said to be part of the upcoming “Eco Experience Park,” a 20 billion yuan ($3 billion) project that will also house an entertainment park and facilities for internet-connected electric cars and offices, according to a company statement.

LeEco is at the forefront of the Chinese race to manufacture electric vehicles, which have only recently received the government’s blessing. And now, LeEco is stopping at nothing to establish itself as the company to beat — not only in China, but perhaps on the international scene as well. The firm oversees a total of three car-making enterprises. In the U.S., there’s Faraday Future; there’s the electric version of the Aston Martin Rapide; and finally, the newest LeSEE electric sedan (the Tesla Killer).

The company is slated to begin construction on the new facility either later in 2016 or early in 2017. In the first phase of the building process, some 4,300 acres will be developed, allowing for a car manufacturing capacity of around 200,000 units per year. The second phase seeks to double that figure, but no one is quite sure of when that will take place.

So if you’re in the market for an electric vehicle, you may want to keep an eye on China. Some of the newest offerings just may be coming from overseas.

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