LeEco to invest $3 billion in electric car facility

Beijing: Chinese internet and technology conglomerate LeEco on Thursday announced investment of $3 billion in a manufacturing park that will house advanced electric car making unit. Located in Hangzhou in Zhejiang Province, the LeSEE Manufactory Park will be the world's most advanced electric vehicle production base with a projected annual production of 400,000 vehicles, the company said in a investment. Investment for Phase 1 is set at $903 million and will result in an annual production capacity of 200,000 cars.  Phase 2 is scheduled to begin within two years of Phase 1, doubling the production capacity and investment value, the company said.  “After the completion, the LeSEE car will also be the first D-class car with independent intellectual property rights to come off a production line in China,” said Yueting Jia, Founder and Chairman, LeEco. LeEco is also building a business park that will house office spaces, an advanced manufacturing theme park for exhibitions and tourist attractions.