Le Holdings Co. of China, the main backer of electric car startup Faraday Future, announced on Monday that it raised $1.08 billion from a group of Chinese investors to develop an electric car.

Investors in the company include Legend Holdings Corp., Yingda Capital Management Co., and China Minsheng Trust, reports Bloomberg. Le Holdings is the parent company of Chinese carmaker LeEco. The Gardena-based Faraday Future, which is closely tied to LeEco, also announced on Wednesday that it has hired its one thousandth employee.

Faraday Future announced in April that it would lend its Las Vegas electric car factory to LeEco, which will begin producing a version of its LeSEE electric car in several years, once the factory is complete. The LeSEE electric car is strikingly similar to the car first electric car planned by Faraday Future.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow @garrettreim on Twitter for the latest in L.A. tech news.

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