• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 18 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 16 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 2 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 6 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 31 mins NordStream2
  • 5 hours OPEC+ Expects Large Oil Glut In Early 2022
  • 3 hours Ukrainian Maidan after 8 years
  • 5 hours Forecasts for Natural Gas
  • 3 days "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 1 day Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies

Chinese EV Maker Throws $1.8B Gauntlet To Tesla

Chinese electric vehicle maker LeEco has announced plans to build a large electric car factory worth US$1.8 billion in eastern China. The factory, when it reaches full capacity, will be able to produce 400,000 cars annually.

The factory’s construction is part of a larger project called Eco Experience Park, which will cost around US$3 billion and will include, besides the factory, an amusement park, offices and other corporate facilities. No deadline for the construction of the factory was announced, however.

LeEco is one of the brand new challengers of Tesla in the EV field. The company, which started as a software firm and is now particularly big in smartphones, set up by billionaire investor Jia Yueting, earlier this year released the LeSee, its self-driving concept that, the company says, can reach speeds of 130 mph.

The LeSee, which will most likely be manufactured in the new plant, features a steering wheel that can fold into the dashboard, external displays, and individual passenger pods. LeEco has kept mum on the price of the car, and any details on the technology used in the design.

While at the time some observers took the concept car as nothing more than a concept, this latest factory announcement is a clear indication that LeEco is taking electric vehicles seriously.

Besides its independent plans, LeEco is also among the funding partners of two other Tesla challengers, based on its home turf. Atieva, one of the companies, recently said it was working on its first luxury sedan, which is scheduled to hit markets by 2018. The other, Faraday Future, is building a plant in Nevada, to manufacture its FFZero1.

Earlier, in February, LeEco also partnered with Aston Martin for the commercialization of Aston Martin’s electric car RapidE. The partnership also envisages a possible expansion into more electric cars, to be produced on behalf not just of Aston Martin, but also of LeEco itself and Faraday Future.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News