LeEco have dodged a massive bullet this week and received a hefty chunk of investment that should mean the company can live a little longer.
LeEco make everything from smartphones, cars, bikes, and TV’s but it’s fast growth has caused the brand to run out of cash, and even caused the companies billionaire CEO to drop his salary to just 1 yuan.
Gizchina News of the week
For LeEco fans though there is good news! Sunoco China Holdings, a Chinese property developer has invested a cool $2.2 billion in to LeEco, this is in addition to a separate investment that has been pumped in to LeEco’s driverless car project.
The new investment should keep the company a float for a little while longer and could mean that launches planned and then postponed for India might now go ahead. LeEco are also committed to expanding in the U.S too.
For their investment, Sunac will receive a 33.5% stake in Leash’s Smart TV company and a 15% share of LeShi pictures.
PLEASE TAKE CARE OF YOURSELF LE ECO
seems investing in Faraday Future was a mistake, more especially since LeEco has its won electric car division. From what i’ve seen, most analysts predict that faraday future is going down and is dragging LeEco down with it, but hey, analysts do make false predictions once in a while..