LeEco’s electric car project secures US$ 1.08 billion funding

LeEco’s electric car division, SEE Plan (Super Electric Ecosystem Plan) has completed its first round of funding of US$1.08 billion (Rs 7,240 crore).

Commenting on the development, YT Jia, founder & CEO of LeEco said, “The US$ 1.08 billion funding amount has set a new benchmark for the global automobile industry. This is a milestone for us. The participation of major institutions is a testament of their appreciation of the ecosystem business model and global strategy of LeEco. From this point on, LeSee will accelerate towards its goal of building a global electric transportation ecosystem powered by smart internet technology”.

Investors include Chinese state-own finance institutions as well as conglomerates in the private sector. Leading investors are listed below:

• Yingda Capital Management, co-owned by the State Grid Corporation of China, China Communication Construction Ltd., and China Aerospace Science & Industry Corp.

• Shenzhen Capital Group, the investment arm of the government of Shenzhen City, one of the major commerce and technology hub of China.

• Legend Holdings, a leading Chinese technology investment companies that also controls global technology giant Lenovo Group.

• China Minsheng Trust, the fourth largest trust company in China in terms of capital size (as of April 2016)

• Macrolink Group, an industry and finance conglomerate

• Hongzhao Fund, a leading Chinese investment company.

Earlier this year, LeEco’s had showcased its EV concept, LeSEE,  featuring groundbreaking, fully autonomous capabilities, including machine learning of facial, emotion, system, and path recognition.

Also read: LeEco to setup its first car factory for US$ 3 billion