leeco

There’s some confusion around the relationship between Faraday Future and LeEco’s LeSee electric car division beyond the fact that they were both founded by Jia Yueting. They are both separate companies – FF is based in the US and LeSee in China, but the technology behind LeSee’s electric sedan has been developed by Faraday.

It’s a similar arrangement as the joint-ventures US automakers have with Chinese companies in order to produce vehicles in the country. There have been doubts about Faraday Future or LeSee’s ability to bring any vehicle to market after financial issues.

Faraday Future had to delay work at its own factory in Nevada, but now LeEco announced this week that it broke ground at its $3 billion electric car factory in China.
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When Faraday Future announced its electric vehicle factory in Nevada, it confirmed that it will be building the vehicles down to the battery pack with its EV platform called VPA, which is short for ‘Variable Platform Architecture’, but it also confirmed that it will import the battery cells.

Now a leak coming from LG Chem, one of the biggest supplier of batteries for electric cars, suggests that Faraday Future not only selected the battery cells from the Korean battery maker, but that they signed a supply deal worth 2.7 trillion won (US$2.40 billion).
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Having invested in both Faraday Future and Atieva, Chinese billionaire Jia Yueting is becoming an important player in the electric vehicle field. But his latest project directly under his main company, LeEco, could actually end up having the biggest impact in the short-term thanks to a recent investment.

The company disclosed today having raised $1.08 billion USD to finance the effort to bring the LeSee, the tech company’s all-electric and autonomous sedan, to market.
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