Editor's comment: Chinese LeEco apparently more capable to make electric car than Apple.
Chinese internet and technology conglomerate LeEco on Thursday announced investment of $3 billion in a manufacturing park that will house advanced electric car making unit.
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Located in Hangzhou in Zhejiang Province, the LeSEE Manufactory Park will be the world's most advanced electric vehicle production base with a projected annual production of 400,000 vehicles, the company said in a investment.
Investment for Phase 1 is set at $903 million and will result in an annual production capacity of 200,000 cars.
Phase 2 is scheduled to begin within two years of Phase 1, doubling the production capacity and investment value, the company said.
“After the completion, the LeSEE car will also be the first D-class car with independent intellectual property rights to come off a production line in China,” said Yueting Jia, Founder and Chairman, LeEco.
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LeEco is also building a business park that will house office spaces, an advanced manufacturing theme park for exhibitions and tourist attractions.