LeEco buys land for EV production in China

Chinese technology company LeEco has spent 279 million yuan ($40 million) to acquire land in Deqing county in east China's Zhejiang province to build an electric vehicle assembly plant.
The 900,364 square-meter (222-acre) plot was purchased by Zhejiang LeEco Ecological Car Co., a newly incorporated subsidiary of LeEco, according to Deqing's website last week.
The company had announced last month that it plans to launch construction this month. The 8.3 billion yuan factory initially will build up to 200,000 vehicles a year, with plans to expand annual capacity to 400,000 vehicles.
The Deqing site will be LeEco's first assembly plant in China. The company did not reveal when it plans to launch production.
The Chinese company also plans to produce EVs in the United States through Faraday Future, a California company backed by LeEco founder Jia Yueting. In November, Faraday halted construction of its assembly plant in Nevada.
LeEco, headquartered in Beijing and listed in Shanghai, started as a video streaming website. Now it has expanded into e-commerce, mobile phones, TVs, ride hailing and filmmaking.