Auto theme park includes a plant with production capacity of 400,000 electric vehicles annually
SHANGHAI—LeEco plans to invest 12 billion yuan ($1.8 billion) to build a plant in China to produce smart, internet-connected electric cars.
The facility is part of a $3 billion auto theme park which will also include entertainment facilities featuring auto-related elements. All vehicles in the park will be electric, shared, and will be driven autonomously based on internet technology, LeEco said.
LeEco’s strategic partners includes Faraday Future in terms of marketing and exhibition, car sharing and auto financing.
LeEco and Faraday will deepen their global strategic partnership in terms of manufacturing, research and development, supply chain, and charging facilities.
Beijing’s ambition, as well as Tesla Motors Inc.’s initial success, has inspired dozens of new entrants to the world’s largest automotive market.
Wanxiang Group Corp., a Chinese automotive components maker that owns U.S. electric-car maker Karma Automotive, has said it plans to build a $375 million plant to produce electric vehicles.