LeEco LeSEE concept-11

China’s Le Holdings, or better known as LeEco has announced a 12 billion yuan investment (RM7.3 billion) investment to build an electric car plant in Eastern China, according to reports by Reuters, South China Morning Post and The Wall Street Journal.

The plant, which is part of LeEco’s proposed 20 billion yuan (RM12.1 billion) Eco Experience Park is estimated to have an annual output of 400,000 electric cars yearly by 2018. The company’s autonomous electric vehicle, the LeSEE, which was first unveiled as a concept in April, will be manufactured at the new facility. However, the company did not reveal when the factory will be completed, or when the first electric vehicles will roll off its assembly lines.

As a recap, the LeSEE is China’s answer to Tesla’s electric vehicles – an all-electric four-door sedan with a claimed top speed of 209 km/h. During its April reveal, the LeSEE was “summoned” onto the stage by LeEco chief executive Jia Yueting via a smartphone and from there it went off to park itself.

The company also has plans to penetrate the US market via its strategic partner, Faraday Future, as it plans to produce cars at a plant currently under construction near Las Vegas, and aims to begin selling its cars in the US by next year.

If you recall, Faraday Future revealed its FFZERO1 Concept at the 2016 Consumer Electronic Show (CES), which utilise an in-house Variable Platform Architecture (VPA). The flexibility of the VPA allows for a diverse range of vehicles, according to the company, ranging from compact hatchbacks, sedans, coupes, sports cars and many more.