Chinese LeEco's e-car arm raises $1.08 bn to take on US firm Tesla

LeSEE, the electric car division of Chinese Internet group LeEco, has raised $1.08 billion (about Rs 7,236 crore) in its first round of funding.

LeSEE, which will compete with US-based Tesla's high-end electric cars, has raised the funding from Yingda Capital Management Co Ltd, Shenzhen Capital Group Co Ltd, Legend Holdings, China Minsheng Trust, Macrolink Group and Hongzhao Fund.

"The $1.08 billion funding has set a new benchmark for the global automobile industry. This is a milestone for us.

The participation of major institutions is a testament of their appreciation of the ecosystem business model and global strategy of LeEco," LeEco founder and CEO YT Jia said in a statement.

From this point on, LeSee will accelerate towards its goal of building a global electric transportation ecosystem powered by smart internet technology, he added. Earlier this year, LeEco's had showcased its electric vehicle concept -- LeSEE -- featuring fully autonomous capabilities, including machine learning of facial, emotion, system, and path recognition.

LeSEE is expected to be on available for public within the next three years.