Le Supercar Scoops $1.08 Billion Funding To Fuel Its Fight Against Tesla

Chinese internet giant LeEco announced Monday that its electric car affiliate Le Supercar has raised $1.08 billion USD fresh funding, the largest first round funding ever in automotive industry, according to the company.

As the huge sum entails, the company disclosed a lengthy investor list that includes big names like Lenovo, Yingda Capital, a venture capital firm backed by State Grid, Shenzhen Municipality-backed Shenzhen Capital Group, China Minsheng Trust, Macrolink Group and Hongzhao Capital.

LeEco, which is to China what Netflix is to the rest of the world, started from video streaming service and quickly expanded to a plethora of businesses from film production to smart TV, smart phones, e-commerce and cloud computing. Company founder and CEO Jia Yieting said in a previous interview that LeEco’s current model is the “ultimate combination of Tesla, Uber, Apple Amazon and Netflix.”

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