Chinese Tech Giant LeEco Confirms Car Plant

LeEco LeSee concept |LeEco via Facebook

LeEco LeSee concept |LeEco via Facebook

After wowing audiences in April with the unveiling of its LeSee concept car at the 2016 Beijing auto show, Chinese tech giant LeEco appears to be moving ahead with plans to start car production.

The company, famous for its smartphones and online streaming services, announced on Wednesday that it would spend 12 billion yuan (approximately $1.8 billion) in establishing an electric car plant in Hangzhou, in China’s Zhejiang province.

LeEco LeSee concept |LeEco via Facebook

LeEco LeSee concept |LeEco via Facebook

LeEco said the plant would have an annual capacity of 400,000 cars but didn’t mention when it would be online.

A number of firms in China not normally associated with the auto industry are looking at car production to take advantage of generous incentives for electrified cars. The incentives are part of the government’s attempts to reduce pollution in major cities and wane the dependence on oil.

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