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Internet Tycoon Hopes to Make Electric Cars in China
Jia Yueting, founder of China's Leshi Internet Information & Technology Co., has applied for permission to build electric cars in the country.
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Jia Yueting, founder of China's Leshi Internet Information & Technology Co., has applied for permission to build electric cars in the country.
The billionaire predicts the Leshi venture eventually will surpass U.S. tycoon Elon Musk's Tesla Motors Inc. EV company. Jia's plan comes as China signals it will encourage innovation by issuing carmaking licenses to companies not already in the auto industry.
China also is eager to promote its EV market. The country wants to put 500,000 EVs and plug-in hybrids on the road by the end of 2015 but so far has sold fewer than 100,000.
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