LeEco
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LeEco pulls the plug on its EcoPass video service as stories of US struggles mount
LeEco’s coming to America tale has been fraught with one bad piece of press after another. The company added to the laundry list this week by announcing that it formally pulled the plug on its EcoPass content package earlier this month. Is LeEco really in trouble?
Billionaire CEO Yueting Jia told employees in a letter last week that the company’s rapid growth was leading to stagnation and management problems at LeEco, and announced that he would invest $10 million into the company and cut his salary to 15 cents in order to keep LeEco steady as it expands into the United States and develops a self-driving car. But North American operations lead… Read More
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China’s LeEco raises $1.08B to build its electric sports car
The Chinese market for electric vehicles is hot, and the latest indicator is a $1.08 billion raise from China’s LeEco, a Beijing-based web video company (which now dabbles in everything from televisions to transportation) that’s targeting Tesla with its own electric sports car plans. Funding for its first car is coming from Legend Holdings Corp., Yingda Capital Management Co.… Read More
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