MADISON, Wis. — China’s dream of creating the “next Tesla,” combined with generous government’s subsidies to spur demand for electric vehicles, is generating a global rush to develop and manufacture EVs in China.
How much of this enthusiasm is an inflated reality created by Chinese audacity, however, remains to be seen.
Latest to join the fray is China’s LeEco, who announced Wednesday (Aug. 10) the investment of 12 billion yuan ($1.8 billion) to build an EV factory in eastern China. Reuters reported that LeEco’s first factory would “be built in two phases in Deqing county near the eastern Chinese city of Hangzhou,” with an eventual annual production goal of 400,000 cars.
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