Chinese internet giant LeEco announced Wednesday that it’s going to invest 20 billion yuan ($3 billion USD) to build an automotive plant as well as an ‘eco automotive experience’ complex in China’s Zhejiang Province.

The park, which will be 2.87 square kilometers, will include an electric car plant which has an annual production capability of around 400,000 cars. The investment in auto manufacturing facilities totals 12 billion yuan, the company says. Phase 1 investment capital is set at 6 billion yuan and will result in an annual production capacity of 200,000 cars. Phase 2 is scheduled to begin within two years of Phase 1.

Jia Yueting, CEO and founder of the company, said that the plant would host China’s first high-end car (D-class) assembly line with independent intellectual property rights.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.