Chinese startup LeEco funds soar by one billion to put EV dreams into production image

Tesla Motors could soon have serious competition – Faraday Future and now Chinese startup LeEco are both trying to target the electric luxury brand with their upcoming alternatives.

The Chinese rival has recently announced it has successfully secured $1.08 billion, needed to fund the production costs for its electric car production plans. LeEco made a splash earlier this year with the introduction of the LeSEE concept – a four door sports car. A clear cut reference to the Tesla Model S, the LeSEE was surrounded in mystery as there were no technical details shared other than a potential top speed of around 130 miles-per-hour (210 kilometers-per-hour).

LeEco parent company Le Holdings Co. announced in a statement that among its billion-dollar initial funding were investors such as Legend Holdings Corp., Yinga Capital Management Co., and China Minsheng Trust. China is actually swelling with EV startups at the moment – WM Motor has also achieved one billion in finance and so did NextEV Inc. last year when it secured funds to introduce a family of affordable electric cars. China’s stricter regulations have led to a boom in the development of EVs, especially in the commercial field. For example, BYD produces more electric buses than any automaker in the world, without even having a proper export network.

Via Automotive News