Internet company LeTV Holdings has announced the release of its first electric vehicle at the Beijing auto show in April 2016, with the aim to leverage on the booming new-energy auto market, the China Daily reported
Ding Lei, co-founder of LeTV's car division Le Auto, said at a press conference in Beijing on Oct. 27 that the company's first electric vehicle, called Mule Car, has completed testing in the U.S. and they are readying for a possible small-scale trial production.
A former vice president of state-owned SAIC Motor Corp., Ding said that Le Auto has more than 700 employees worldwide, with 400 of them based in the U.S.
The report said that LeTV has formed a partnership with Aston Martin, the British premium car brand popularly associated with James Bond, to explore opportunities in the electric car industry.
Earlier this year, the Internet company declared its car-making plans, with big ambitions in the new-energy vehicle industry as the central government encourages the industry to cope with China's air pollution.
LeTV is also a large shareholder of Atieva, designer of models such as the Tesla Roadster, Audi R8eTron and Chevrolet Volt.
In early September, LeTV reportedly invested "tens of millions of yuan" to the Beijing Dianzhuang Technology Co., a startup that builds and rents charging posts.
Statistics from the China Association of Automobile Manufacturers showed that in the first nine months, China sold 136,733 new-energy vehicles, a 230-percent increase year-on-year.
LeTV has also introduced a premium smart television and an inexpensive smartphone, targeting China's new rich and tech-savvy users.
Jia Yueting, founder and CEO of LeTV, said that the 3D TV, which costs 500,000 yuan, is more than 2 meters tall and 1.5 meters wide. According to Jia, a number of content services, such as blockbuster movies, will be available to users free of charge.
The report said that the 120-inch screen is as big as more than 70 iPad Pros put together, which the company said is the biggest 3D TV commercially available in the world.