Automotive

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

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The Chinese market for electric vehicles is hot, and the latest indicator is a $1.08 billion raise from 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 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.

LeEco’s big raise should help it accelerate its EV plans, which so far include the LeSEE, a concept sedan design intended to be completely autonomous. LeEco also has a partnership in place with U.S.-based Faraday Future.

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China has committed to the development of EV and plug-in hybrids with ample government support, as part of its commitment to sustainable energy practices in the future, which is part of what’s driving interest and investment in EV development from both domestic and international companies within the country.