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Jia Yueting’s EV project in Moganshan likely to fizzle out

Abigail From Gasgoo| December 01 , 2019

Shanghai (Gasgoo)- Recently, the local government of Deqing County, Zhejiang province has reclaimed the industrial lot located at Moganshan where Jia Yueting once planned to produce vehicles and set up an automotive theme town.

LeEco, Jia Yueting, Moganshan EV project, China automotive news

In August, 2016, LeEco announced it would invest RMB20 billion ($2.84 billion)  to build a factory and an automotive eco-town in Moganshan Economic Zone. According to the company, the first phase of the aforesaid industrial park involved an investment of around RMB11 billion ($1.56 billion) and after the construction of two phases, the annual capacity was expected to reach 400,000 units.           

It was said that LeEco bought a piece of land covering 900,000 square meters for RMB280 million ($39.8 million) in December, 2016 and another one with an area of 452,500 square meters for RMB140 million ($19.9 million) in April, 2017.    

However, Jia has been involved in several financial controversies related to his companies. In October, 2019, he has filed for bankruptcy in the United States seeking protection from banks and other creditors that are owed as much as $3.6 billion.

LeEco, Jia Yueting, Moganshan EV project, China automotive news

According to Faraday Future, an American EV startup founded by Jia, he is expected to start automotive business in China after realizing bankruptcy reorganization. But it is more difficult for Jia to restart the project without Moganshan lot (photo source: Faraday Future).   

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