• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 32 mins Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 5 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 1 hour What If Canada Had Wind and Not Oilsands?
  • 4 hours WE Solutions plans to print cars
  • 3 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 4 hours Oil prices going down
  • 9 hours Nopec Sherman act legislation
  • 15 hours Sabotage at Tesla
  • 8 hours Sell out now or hold on?
  • 13 hours China & India in talks to form anti-OPEC
  • 3 hours Australia mulls LNG import
  • 11 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 11 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 3 hours Oil and Trade War
  • 10 hours Trump Hits China With Tariffs On $50 Billion Of Goods
U.S. Solar Growth Undeterred By Solar Panel Tariffs

U.S. Solar Growth Undeterred By Solar Panel Tariffs

Despite the implementation of tariffs…

Chinese EV Maker Throws $1.8B Gauntlet To Tesla

Musk 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

Oilprice - The No. 1 Source for Oil & Energy News