LeEco plans to build $1.8bn electric car plant

Chinese technology and entertainment company LeEco plans to build a 12 billion yuan ($1.8 billion) factory in China to produce smart, internet-connected electric cars, The Wall Street Journal reports. The plant, which will be based near the picturesque Mogan Mountain in the eastern Zhejiang province, will have a production capacity of 400,000 battery-powered vehicles a year, the company said on Wednesday. The facility will be part of a proposed $3 billion theme park featuring auto-related elements. All vehicles in the park will be electric, shared and autonomous-driving, LeEco said. It didn’t say when construction on the park or factory would start.