LeEco raises $1b to bankroll electric, networked sports car

Chinese internet major LeEco announced on Tuesday that it has raised $1.08 billion to bankroll the development of its electric sports car, a critical step toward the company's ambitious goal of producing cars that are more advanced than Tesla Motors Inc's.

The Beijing-based company said in a statement that it had completed the initial fundraising round for its so-called Le Supercar - an internet-savvy electric vehicle - with investments from several Chinese companies, including Legend Holdings Corp, Yingda Capital Management Co and China Minsheng Trust.

Jia Yueting, founder and chief executive officer of LeEco, said in the statement the completion of the fundraising round was a "milestone" for the development of Le Supercar and the amount of the secured funding was record-breaking in the international automobile industry.