Chinese Media Giant Raises $1.1 Billion for Electric Sports Car

Chinese online media conglomerate Le Holdings Co. says it has raised $1.1 billion to launch its own zoomy electric car with self-driving capabilities.

The company, once known as LeTV and now as LeEco, separately is a major backer of California-based EV startup Faraday Future Inc. The partners plan to open an autonomous driving research facility in Silicon Valley.

LeEco’s own EV will be inspired by the LeSEE concept the company unveiled in April at the Beijing auto show. Similar to a Tesla Model S sedan in profile, the four-seater’s interior features a large touchscreen, separate video screens for passengers and a steering wheel that folds up into the dash while in autonomous mode. The leSEE’s front fascia contains a display screen that can present information about the car to pedestrians and other vehicles.

Earlier this year LeEco helped supercar maker Aston Martin equip a concept Rapide S sport sedan with advanced internet services. The company signed a memorandum of understanding in February to help the British company introduce a production version of its RapidE concept EV by 2018.