Chinese multi-millionaire Jia Yueting has published several teaser sketches of a forthcoming Tesla Model S competitor.

Chinese multi-millionaire Jia Yueting has published several teaser sketches of a forthcoming Tesla Model S competitor.

Jia Yueting is the owner of a company called Leshi Internet Information & Technology Corp (LeTV) which can be best described as the Chinese version of Netflix and now he aims to come up with a rival for the all-electric American sedan. In order to obtain the necessary funds, Yueting has cashed in $1.2 billion of his own personal shares in the company and has already hired 600 engineers, designers and industry executives from some big names such as BMW, General Motors and even Tesla Motors. In addition, LeTV already has an ongoing partnership with Aston Martin to work on in-car entertainment.

In charge of the project is an ex-Lotus employee Tony Nie who recently said the Model S fighter is being developed in-house and will use its own electric motor and battery technology rather than sourcing it from another automaker. It's currently known as the "Le Supercar" ("Le" means "happy" in Mandarin) and is believed to employ self-driving tech.

If everything goes according to plan, the pure electric sedan from China will go on sale sometime in 2017, following next year's reveal at the Beijing Motor Show set for April.

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