The Chinese market for electric vehicles is hot, and the latest indicator is a $1.08 billion raise from China’s LeEco, a Beijing-based web video company (which now dabbles in everything from televisions to transportation) that’s targeting Tesla with its own electric sports car plans. Funding for its first car is coming from Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust, according to the company.
LeEco’s big raise should help it accelerate its EV plans, which so far include the LeSEE, a concept sedan design that’s intended to be completely autonomous. Based on the description of the plan for this injection of cash, however, it’s more likely that it’ll be funnelled into LeEco’s financial backing of Faraday Future, which unveiled a Batmobile-like electric supercar concept at CES earlier this year.
China has committed to the development of EV and plug-in hybrids with ample government support, as part of its commitment to sustainable energy practices in the future, which is part of what’s driving interest and investment in EV development from both domestic and international companies within the country.