LeEco announced that it will be investing a sum of $3 billion in a manufacturing park that will house advanced electric car making unit.Located in Hangzhou in Zhejiang Province, the LeSEE Manufactory Park will be the world s most advanced electric vehicle production base with a projected annual production of 400,000 vehicles, the company said in a investment. Investment for Phase 1 is set at $903 million and will result in an annual production capacity of 200,000 cars. Also Read - Struggling LeEco plans smartphone with 18:9 aspect ratioAlso Read - LeEco plans smartphone with 18:9 aspect ratio: Report
The working on Phase 2 will begin within two years of Phase 1 along with doubling the production capacity and investment value, the company said. After the completion, the LeSEE car will also be the first D-class car with independent intellectual property rights to come off a production line in China, said Yueting Jia, Founder and Chairman, LeEco.
LeEco is also building a business park that will house office spaces, an advanced manufacturing theme park for exhibitions and tourist attractions.
LeEco has recently announced that it is planning to hire over 1,100 engineers for its India Research and Development (R&D) center by 2017. The majority of the hiring will be from engineering colleges like the IITs and NITs across the country. LeEco is gradually expanding its ecosystem in India as well. LeEco has introduced three new smart TVs the Super3 Max65, Super3 65 and Super3 55. LeEco is offering two years of product warranty and fours years of warranty on the display panel.
With additional inputs