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Chinese Web-Video Tycoon Raises $1.08 Billion for Crazy Electric Car

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China’s Le Holdings Co. has raised $1.08 billion to develop its electric sports car that has drawn comparisons to the Batmobile, the latest in a series of alternative energy vehicle investments even as the industry is set for a Chinese government shake-up.

The Beijing-based company, also known as LeEco, has attracted a group of Chinese investors for the project’s initial funding, including Legend Holdings Corp., Yingda Capital Management Co. and China Minsheng Trust, it said in a statement Tuesday. – READ MORE

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