LeEco raises $1.08bn to build electric sports car

LeEco, a Beijing-based web video company, which dabbles in everything from televisions to transportation, has raised $1.08 billion to build an electric sports car in competition with Tesla. Funding for its first car is coming from Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust, TechCrunch reports. LeEco’s big raise should help it accelerate its EV plans, which so far include the LeSEE, a concept sedan design intended to be completely autonomous. LeEco said that this funding will go into the development of its own sports car under the LeSEE brand, and not into its partnership with US-based Faraday Future. China has committed to the development of EV and plug-in hybrids with ample government support, as part of its commitment to sustainable energy practices in the future.