China's LeEco raises $1bn for electric sportscar project with Aston Martin

By Staff reporter | 21 September 2016

Chinese internet media company LeEco has raised just over US$1bn in an initial fundraising round for its electric sportscar project that aims to rival Tesla Motors, according to local reports.

The project, dubbed Le Supercar, involves the development and production of an advanced internet-connected electric-powered sports car for global markets.

LeEco signed a partnership agreement with Aston Martin earlier this year for the co-development of a version of the UK automakers' RapidE electric sportscar concept.

A number of Chinese financial companies have invested in the Le Supercar project, including China Minsheng Trust, Legend Holdings Corporation and Yingda Capital Management Company.

LeEco chief executive officer Jia Yueting said the successful first round of fundraising represents a milestone in the realisation of the project. Last month the company announced plans to spend CNY20bn (US$3bn) on manufacturing complex in Zhejiang province which will have an ultimate capacity of 400,000 electric vehicles.

LeEco, formerly known as LeTV, was established in 2004 as an internet video streaming and gaming company which later expanded into manufacturing of smartphones and other electronic equipment.