Chinese Company Aims To Take On Tesla On Its Home Turf
SAN JOSE (KPIX 5) – Tesla may have just met its match. A sleek, autonomous, electric car was unveiled by a Chinese company that's staking a claim in Silicon Valley.
The company is LeEco and the car is named LeSee. It was unveiled at a launch event in San Francisco on Wednesday.
LeEco, which currently has a small foothold in San Jose, plans a major U.S. expansion that could create 12,000 new jobs in Santa Clara.
"It's like adding another Apple Computer, or another Google or LinkedIn right here in Silicon Valley," Matt Mahood of the Silicon Valley Chamber of Commerce told KPIX 5.
LeEco plans to build a new 3 million square foot research and development complex on 48 acres, now used as a parking lot for Levi's Stadium.
The land was once owned by Yahoo. And now that it has changed hands, it represents another step in the continued evolution of Silicon Valley.
It's part of a growing Chinese presence in the Valley, and brings competition for American companies to their own turf.
LeEco is a major player in TVs and smartphones, it has a movie studio and a streaming online service.
"Many people would say that's bad for Silicon Valley, but it's actually a good thing because competition breeds innovation," Mahood said.
LeEco has already bought Irvine-based Vizio TV and although it is not a household name in the U.S. yet, the company plans to be and in a big way.