Tesla rival LeEco building $1.8 billion EV factory in ChinaAugust 11, 2016 - 17:12 AMT PanARMENIAN.Net - China's EV industry hasn't produced many vehicles yet, but thanks to strong government incentives, it's on an explosive growth curve. One of the main players is electronics giant LeEco, which backs EV builder Faraday Future and recently showed off its own electric car, the LeSee. It unveiled plans for a $1.8 billion EV factory near the Chinese city of Hanzhou that will pump out 400,000 EVs per year. The new plant "will be open to all LeEco's strategic partners including Faraday Future," says CEO Jia Yueting, according to Engadget. The factory will only produce EV vehicles with connected and self-driving features. It's just first phase of what will eventually be a $3 billion auto "Eco Experience Park" complete with a theme park, EV facilities and offices, according to LeEco. The company plans to strengthen ties with partner Faraday Future, which is also building its own $1 billion EV plant in Nevada. Faraday recently announced plans to build a second plant in Vallejo, California, too. All of this growth is exciting, but while LeEco and Faraday have both shown off futuristic prototype EVs, neither has actually built or sold any yet. Faraday did say that sales of its first electric car will launch next year, based on its prototype FFZero1 supercar platform, and LeEco plans to launch self-driving versions of its LeSEE. Meanwhile Tesla, which also built its $4-5 billion Gigafactory in Nevada, is selling two vehicles and recently launched a third, the Model 3, Engadget said. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. |