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LeEco scores a $1.08B funding to build its Batmobile like electric car

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The one concept that is predicted to revolutionise the auto-tech sector is Electric vehicles. And further stamping upon that prediction is this latest $1Bn+ invested into Chinese smartphone-to-everything maker LeEco, to specifically build its own electric car.

While Tesla is leading this charge, Chinese web-video tycoon called LeEco had silently joined this race at CES earlier this year with a batmobile-type EV. Today, the company has announced that it has scored $1.08 billion raise towards building just that.

If you didn’t know already, LeEco is a company that has essentially entered each and every sector in the market. From televisions to smartphones, speakers to even computer accessories, LeEco offers them all. And to be completely honest, the quality of the products from this firm is quite appreciable, too.

The company had showcased its first ever electric car concept at CES this year. In terms of feedback, the design of the automobile was compared to the awesome and powerful batmobile. But even after all this, LeEco’s billionaire founder Jia Yueting had said that financing had been the Achilles’ heel of the electric car project.

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Fortunately, the company has now attracted a group of Chinese investors– Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust. These investors have put in a total of $1.08 billion into the company in a bid to make the concept a reality, LeEco said in a statement on Tuesday.

Not just this, the company has also been working on the LeSEE, a concept sedan design that’s intended to be completely autonomous. The latest funding could assist in kickstarting this project, too. But, to be totally honest, we all are more excited about the batmobile-inspired car.

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China is one of the countries that is promoting sustainable development in more ways than one. A number of companies have already been given support by the Chinese government according to their potential. There have also been recent laws that promote both domestic and international companies that are working on EV concepts.

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