China billionaire seeks to beat Tesla with electric cars

Jia Yueting, chairman and founder of Leshi Internet Information and Technology (Beijing) Co. [Jia net worth about $2.3 billion], said at the beginning of December, 2014 that the maker of Web-enabled televisions has spent the past year developing an electric car and will seek a license to manufacture them in China.

Leshi will bank on its experience “managing disruptive change” and is confident of surpassing Tesla in creating the most connected electric car, he said in e-mailed comments yesterday.

The 41-year-old’s ambitions to venture into electric cars come as China proposes to grant auto manufacturing licenses to companies other than carmakers to encourage innovation and create local challengers to Tesla, as part of a broader plan to cut air pollution, reduce dependence on imported oil and lead the global auto industry.

There are no details about the new electric cars from Jia Yueting.