LeEco has expanded past its roots in running an online video website to now running electric cars on China's bustling roads.
The company will invest nearly CNY20 billion to build a super car factory and car eco town in Mogan Mountain Economic Development Zone, Deqing, Zhejiang province.
According to LeEco's plans, the first phase planned area is 4,300 mu and the company plans to produce 400,000 cars annually.
LeEco, formerly known as Letv, has been deploying services in the automobile sector for a few years as it boosts its Internet of Things portfolio. In December 2014, LeEco's chairman and chief executive officer Jia Yueting announced LeEco's "SEE Project", which is committed funds to the electric, intelligence and Internet development of automobiles and the establishment of a super car and car Internet electric ecosystem.
On April 20, 2016, the company's LeSEE concept car was formally launched. Jia said that this car features a smart IoT concept. It combines autopilot and self-learning and it has functions like facial recognition, emotional recognition, environmental recognition and road condition recognition.
In addition, LeEco previously invested in the electric car start-up Faraday Future and reached a strategic deal with that company. At the time, Faraday Future had promised to invest USD1 billion to build a three-million-square-feet factory in Nevada.
In February 2016, LeEco and Aston Martin signed a memorandum of understanding in Germany, aiming to set up an electric car joint venture. The two parties will cooperate to develop and make a series of Internet-enabled smart electric cars.