China has the Money to Lead the Way
It may be a damning statement to make, but China is putting more money into technology and development than we see in many other countries. The announcement earlier in the year was that LeSee which will be the electric sports car from LeEco will be offered soon and the company even went so far as the show off the car and its capabilities at various shows in order to work to find the investors needed to get this car going so that the public could eventually enjoy driving it.
The LeSee is now much closer to becoming a reality than ever before. Le Holdings, the parent company behind LeEco has announced they have raised $1.08 billion to be added to what has already been raised and invested into the research and eventual production of this EV sports car. The LeSee is now much closer than it’s ever been to becoming a reality and Chinese investors want to get in early so they can enjoy the success that will eventually befall their EV community. The LeSee does have more going for it than just being an EV though, this is a car that has features we want to enjoy.
What features might those be? The LeSee already has some autonomous driving features such as the ability to park itself which can be done from a cell phone. The need for plug-in vehicles is expanding in China at a rapid rate and the need for EVs is huge. This is the right time for LeEco to become a name that is trusted and purchased on the Chinese market. In fact, LeEco announced it would build a $1.8 billion factory to produce these electric vehicles along with the vehicles for their strategic partner, Faraday Future.
Another company that’s heavily invested in the EV market is WM Motor. This company was able to raise $1 billion las month to start building EV models in 2018 and they have set a target of 2021 to be able to produce as much as 100,000 units a year and they now seem to be well on their way to that goal.
How high is the demand for EVs in China? Currently the country is on pace to sell as many as 300,000 EVs this year along and that number is expected to grow as the programs gain governmental support. This means China could be the world leader in the EV market in only a few short years not only because of the money behind these companies and models, but also because of the government support. Could this mean China would also lead the way to autonomous technology? It’s possible, but it seems their main concern right now is reducing emissions and make EV models for their billion citizens to drive.
Take a look at this video and see the LeSee perform at a show. This is a car that you might well like to drive, but right now it’s meant for the Chinese market, but it might make it to the US in the future.