First model will be a production version of the LeSEE concept.

LeEco introduced a rather promising concept dubbed ‘LeSEE’ earlier this year to preview an all-electric production sedan. The company's CEO and founder is Chinese billionaire Jia Yueting who is also financing California-based Faraday Future. While the two are obviously tied, LeEco will have its own EV catering the Chinese market.

According to South China Morning Post, the model in question is going to be assembled at a brand new factory located in the Zhejiang province of China where LeEco has plans to invest no less than 12 billion yuan (about $1.8B). The goal is to have the facility up and running at full capacity by 2018 to assemble as much as 400,000 cars per year.

It remains to be seen whether LeEco will achieve its objective taking into account it’s the second half of 2016 and the company is only now laying the groundwork for the factory. Local media is reporting the new plant will be part of an Eco Experience Park which will require the investment of 20 billion yuan ($3B). Visitors will be able to check out the company’s cars and access an entertainment park, as well as use LeEco’s sports content platform LeSports and the music streaming service Le Music.

As for Faraday Future, it unveiled a spectacular concept called FFZERO1 at the beginning of the year at CES. Earlier this month, our spies caught on camera a modified Lincoln MKZ equipped with FF’s autonomous driving technologies which will be implemented in the company’s first production model likely to take the shape of a Tesla Model X rival. It’s going to be assembled in Las Vegas, Nevada at a 900-acre production plant following an investment of $1 billion.

Let's hope the two companies will deliver the promised goods to spice things up in the EV segment which is growing in importance at a fast pace.

Source: via

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