Internet company LeEco starts construction of car plant in Zhejiang

Updated 2016-12-28 16:38:37

Chinese internet company LeEco launched construction of its car plant in Zhejiang province on Wednesday.

The project, which was announced in August, is designed to have an annual production capacity of 400,000 cars and will cost the company 20 billion yuan (.87 billion).

The first phase of the plant covers 133 hectares and will involve an investment of 11 billion yuan.

In a live broadcast of the groundbreaking ceremony, Zhang Hailiang, head of LeEco's China car unit, said the factory will produce LeSee-brand electric cars, adding that the vehicles will compete against premium car brands.

He said 90 percent of work will be finished by robots and employees will have intelligent wearable devices to ease their work.

LeEco's financial situation has come under scrutiny recently, with some suppliers demanding the dotcom company make payments for components it has bought.

LeEco boss Jia Yueting said in a letter to employees in November that the company was going too fast and would shift its focus to steady and sustainable growth.

Jia added in the letter that he has invested more than 10 billion yuan and raised .08 billion for its car unit.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58April 25 2018 02:11:43

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16April 25 2018 02:11:43

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18April 25 2018 02:11:43

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords