Chinese Billionaire Aiming to Beat Tesla in EV Market

A recent report from Bloomberg suggests that Chinese billionaire Jia Yueting is aiming to build electric cars and hopes to surpass Tesla Motors Inc. (NASDAQ:TSLA) in terms of building a broadly available electric vehicle.

Yueting’s company, Leshi Internet Information and Technology Corp. (SZSE:300104), has been developing an electric car over the past year and will aim to secure a license for manufacturing the model in China, according to comments emailed to the news outlet.

As quoted in the publication:

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.

Click here to read the full Bloomberg article.