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China's Tesla killer just raised $1 billion for its electric car project - here's everything we know about it

Danielle MuoioSep 20, 2016, 19:07 IST

LeEco

Chinese company LeEco is making serious moves to compete with Tesla.

LeEco just raised $1.08 billion to develop its electric car, Bloomberg reported. The news comes about a month after LeEco invested $1.8 billion to build an electric-car plant in eastern China with eventual annual production capacity of 400,000 cars.

The company originally revealed its electric concept car, called the LeSee, in April.

While the production version will likely stray somewhat from the concept vehicle, it's worth taking a closer look at the LeSee to get an idea of what we can expect.