LeTV to step up funding in charging stations

LeTV Holdings Co Ltd is pouring money into a charging station solution provider, in a new push to pave the way for its budding electric-vehicle business.

The company said on Wednesday that it has invested into Beijing Dianzhuang Technology Co Ltd, a startup that builds and rents charging posts for electric cars. LeTV did not disclose specific amount of the investment.

"The investment is a key step for LeTV to expand its presence in the new-energy automobile industry. We will work with more partners, such as equipment suppliers, in the future," said Sun Ke, senior investment director of LeTV.

Jia Yueting, founder and chief executive of LeTV, once said the lack of charging facilities across China is the biggest bottleneck for the growth of the electric automobiles sector.

Dianzhuang is now building the largest electric-car charging station in Beijing, which will include 100 smart charging spots near the Beijing South Railway Station.

The startup has set up five centers across China and its smart charging stations are already running in more than 30 cities, including Shanghai and Chengdu.

The move came shortly after China overtook the United States as the largest market for new-energy vehicles.

During the first six months of the year, more than 72,000 new-energy cars were sold in China, about 20,000 units more than the number in the US, according to data from the China Association of Automobile Manufacturers.