LeEco to invest in e-car plant
Print Edition
CHINA’S Le Holdings Co Ltd, also known as LeEco, said yesterday it would invest 12 billion yuan (US$1.8 billion) to build an electric car plant in Hangzhou with eventual annual production capacity of 400,000 cars.
The company said in a statement that its first China factory would be built in two phases in Deqing county near Hangzhou.
Non-automakers and start-ups have rushed to begin making electric vehicles and hybrid vehicles as China liberalizes the industry to promote a switch to electricity as an ultimate replacement for petrol to fuel cars.
LeEco’s plant will be part of a larger project to build an “Eco Experience Park” that will cost 20 billion yuan that will also include an entertainment park, facilities for Internet-connected electric cars and offices, the statement said.
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