LeEco to invest $3b

Chinese internet and technology conglomerate LeEco has announced investment of $3b in a manufacturing park that will house advanced electric car making unit. Located in Hangzhou in Zhejiang Province, the LeSEE Manufactory Park will be world’s most advanced electric vehicle production base with a projected annual production of 400,000 vehicles, the company said. Investment for Phase 1 is set at $903 million and will result in an annual production capacity of 200,000 cars.  Phase 2 is scheduled to begin within two years of Phase 1, doubling the production capacity and investment value. 

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