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.