LeEco Raises Over $1 Billion For Electric Car Development

SEP 21 2016 BY MARK KANE 7

LeEco LeSEE

LeEco LeSEE

LeEco, which earlier this year unveiled at the Auto China in Beijing the LeSEE concept and hinted at a $2 billion EV factory investment, has raised $1.08 billion.

The capital was injected by Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust.

With the additional billion it should be easier to plan the future (partially with Faraday Future – both under control of billionaire founder Jia Yueting) as company founder complained about financing:

“LeEco’s billionaire founder Jia Yueting, who built his wealth from video platform Leshi Internet Information & Technology Corp., said in April financing had been the weakest link for the electric-car project.”

Further details are still scarce, so for now we will just await the LeEco’s first electric, autonomous car, which is said to raise the bar above simply driving from A to B.

source: Bloomberg

Categories: China, General

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7 Comments on "LeEco Raises Over $1 Billion For Electric Car Development"

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Sure is a nice looking ride. Good to see someone “besides Tesla” that can at least pencil an attractive design as opposed to another fugly compact clown car. Hope it gets built! the more the merrier !!

I agree, a sleek aerodynamic design is synonymous with good looks, especially for EVs. Nissan’s Leaf and Chevy’s Bolt just don’t get it, the boxy utility shape not only looks ugly but also has terrible aerodynamics which detracts from the all-important range.

Sleekness is a function of aerodynamics…
Boxy utility shape is a function of usability…

They are competing functions so Chevy does get it and made a practial car for people with kids and people who need space…

You can move all kinds of stuff in a boxy utility shape that you cant in a sedan…

That said, I’d still like to see the technology move to a midsize form factor with more conventional looks.

Please don’t forget the i3 fugly hall of fame.

Now, if only they can make a less ugly knockoff of the Tesla/Jaguar/Oldsmobile Alero.

Another Euro point of view

Taking into consideration that making cars is one of the best ways to make a small fortune out of a big one I am always amazed when newcomers give a shot at it. Now a very large yacht cost about half a billion and making a car business is more fun than owning a yacht in my view. So why not.