Tesla has had a few relatively competition-free years but many companies are now gearing up to challenge Tesla with their own electric cars. This includes traditional car companies like General Motors and tech companies like China’s LeEco which does everything from TVs to smartphones. LeEco has confirmed a round of funding which brings $1.08 billion for the development of its electric sports car.

LeEco has confirmed the $1.08 billion in funding which comes from the China Minsheng Trust, Legend Holdings Corp., and the Yingda Capital Management Co.

Chinese companies are heavily invested in the development of electric cars and this latest capital injection in LeEco only goes to show that even the financial firms are bullish on the country’s prospects in the global electric car market.

The cash injection is going to enable the company to speed up the development of its electric car. The company has already shown its LeSEE concept design that’s not only meant to be fully electric but also fully autonomous.

LeEco is actually backing another company that’s also working on electric cars – Faraday Future – and it’s likely that this money might also be used to fund its EV project. Faraday Future showed off its crazy electric supercar concept earlier this year at the Consumer Electronics Show in Las Vegas.

Filed in Transportation. Read more about , and . Source: bloomberg

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