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LeEco breaks ground at $3 billion electric car factory in China amid setbacks in the US with Faraday Future

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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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Faraday Future reportedly signed a massive $2.4 billion supply contract with LG Chem for battery cells

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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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LeEco raises $1 billion to bring its electric and autonomous car, the LeSee, to market

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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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Faraday Future’s Chinese backer LeEco will build a ~$2 billion factory to produce 400,000 EVs per year

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Chinese billionaire Jia Yueting is better known in the US for financing Faraday Future, a California-based electric vehicle startup, but in China, Jia is known as the founder and CEO of LeEco, an important media and technology company. While LeEco and Faraday Future have a partnership, LeEco is developing its own electric vehicle, LeSee, for the Chinese market.

We were at the unveiling of the LeSee earlier this year, you can read our full report: LeEco shows off its ‘LeSEE’ all-electric car concept [Gallery]

Now we learn that the company is going ahead with an important factory to manufacturing the vehicle in volumes.

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Watch LeEco’s LeSEE all-electric concept car announcement in less than 5 minutes [Video]

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I was in China this week to witness the unveiling of many new products from a huge Chinese conglomerate you may or may not have ever heard of — LeEco. The company, which recently changed its name from LeTV, took to its own LeSports stadium in Beijing to announce not only several new phones, but a VR headset, some new TV sets, and to top it all off, a concept car.

Follow after the break for a full look at the announcement in less than 5 minutes…



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Aston Martin partners up with Faraday Future backer LeTV to develop the all-electric RapidE

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When unveiling that all-electric RapidE concept last year, Aston Martin CEO Andy Palmer announced that the automaker will take an investment from a China-based group to develop the production version of the RapidE concept.

Today, the company announced the creation of a partnership with Faraday Future backer LeTV, or LeEco or Leshi (the group goes by many brand names), to develop and manufacture the RapidE. The group says they are now focused on bringing the vehicle to market in 2018.

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