Chinese LeTV boss to take on Tesla?

LeTV boss Jia Yueting’s electric cars are all on paper now, but with his $2 billion wealth Jia Yueting does have more money than Elon Musk of Tesla.

Jia’s current venture is Leshi Internet Information & Technology, a maker of web-enabled TVs, and according to Bloomberg his 44 percent stake is worth about $2.3 billion. Now, his sights are set on succeeding in the auto industry.

Jia claims his EV is well under development and is promising next-gen technology that sounds hard to deliver on. According to Bloomberg, the vehicle would offer multiple touchscreens inside, autonomous driving and automatic parking – all for a reasonable price. He already reportedly has people working in Silicon Valley to develop the systems and has an investment in a battery company, as well. The next step is getting the government license that potentially allows the dream to become a reality.

Even his Jia’s model doesn’t live up to its big promises, there are other companies in China wanting to build EVs. According to Bloomberg, Fisker owner Wanxiang is also applying for a manufacturing license, and it already has ties to the industry as an automotive parts supplier with over $23 billion in annual revenue.

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