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China's Tesla Killer Might Be Called 'LeSEE'

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China's Tesla Killer Might Be Called 'LeSEE'

Tesla Motors Inc (NASDAQ: TSLA) might want to start worrying about a Chinese tech and entertainment company named LeEco – formerly Letv, often dubbed as China’s Netflix, Inc. (NASDAQ: NFLX). But, why should a vehicle maker be concerned about an entertainment producer and consumer electronics manufacturer?

Early last week, LeEco (in partnership with electric car start-up Faraday Future) presented its own self-driving electric car concept. In a press conference held on Beijing, LeEco Chief Executive Officer Jia Yueting showed how the car works, controlling it via voice commands on a mobile device.

Related Link: How Green Is Tesla?

Although the car, named LeSEE, is still a concept, the video teaser (embedded below) revealed some very interesting features like back seats that change their shape to match passengers’ bodies.

According to LeEco, LeSEE will be able to reach a top speed 130 miles per hour – competing with Tesla’s Model S, and is conceived as a fleet car, which users can summon through their smartphones – which will tell them is the vehicle is available to pick them up at the time.

The company did not say when production would start, or in what range the car would be priced. However, the company has the money, capabilities and connections (it already has a working relationship with Aston Martin) to disrupt Tesla’s market, so investors should not lose track of LeEco’s latest developments.

Interestingly, CEO Jia said the company is also developing a car-sharing business in relation with its electric car initiatives. “He said one day LeEco cars would be offered free of charge to consumers because the company aims to make money on content and other services it sells through those connected cars,” a Reuters article read.

 

Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.

Posted-In: Aston MartinNews Emerging Markets Travel Markets Tech Trading Ideas General Best of Benzinga

 

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