The Chinese firm behind this hot electric car just acquired US TV maker Vizio for $2b

LeEco’s billionaire boss Jia Yueting (left) showed off the LeSee prototype in April. Photo credit: LeEco.

(UPDATED April 11, 2017: The proposed acquisition has been cancelled by both parties, according to a statement from Vizio. The original article is unchanged below.)

In yet another sign of growing Chinese investment in US firms, LeEco has announced its US$2 billion acquisition of California-based TV maker Vizio. The deal was confirmed at a press event in Los Angeles, reports The Verge.

Vizio has made a name for itself in recent years with its stylish yet affordable flatscreen TVs and audio equipment. It began in 2002, founded by William Wang. The brand will continue independently from LeEco, but William is vacating the CEO seat.

It’s a deal: Jia Yueting (left) with William Wang at the press event Tuesday in Los Angeles. Photo credit: LeEco’s Weibo account.

LeEco started out at as streaming site called LeTV before billionaire founder and CEO Jia Yueting diversified it into gadgets – like smartphones and smart TVs – as well as expanding it into the entertainment and movie industries.

Aside from unveiling his own self-driving electric car earlier this year, Jia Yueting is bankrolling US-headquartered electric car maker Faraday Future.

Chinese foreign direct investments in the US are set to top the US$20 billion mark for the first time this year.

See more on LeEco:

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• Budget phones don’t cut it anymore in China