LeEco, the Chinese electronics maker partnered with electric-car startup Faraday Future, is digging its heels even deeper into the US.
The Beijing-based company just bought nearly 50 acres of land that belonged to Yahoo. The asphalt is situated near Levi’s Stadium in Santa Clara, California.
The acquisition adds 3 million square-feet of space for LeEco’s operations, which span smartphones, bicycles, virtual-reality headsets, and, eventually, electric cars.
The Silicon Valley Business Journal reported Friday that LeEco paid $250 million for Yahoo’s old property. Yahoo bought it in 2006 for $106 million, according to the publication.
LeEco’s added space creates room for at least 12,000 additional employees, the Business Journal noted, citing a property deed.
In April, LeEco opened its first US headquarters in San Jose. The company, led by Chinese billionaire Jia Yueting, is among a handful of international tech conglomerates attempting to challenge Tesla in the electric-car space in the US.
- Tony Avelar/Invision for LeEco/AP Images
LeEco is working with Southern California-based Faraday Future, and has developed its own self-driving electric car. One of LeEco’s next-door neighbors in San Jose is NextEV, a venture-backed startup also aspiring to build an electric car from the ground up.
The land sale could be a boon for Yahoo, which is in the process of selling its core business – comprised of its internet assets, real-estate properties, patents, and some licensing deals.