China might be the world’s biggest polluter but perhaps no other country has done more to clean up its act and step up to its cleantech international stewardship in the past several years. But all of this comes at a price. Often times, it means reprehending its own businesses to avoid global scandals.
Things are not looking any better for electric vehicle (EV) maker Faraday Future (FF) now that its CEO and co-founder, also LeEco’s Founder, defied an order from Chinese authorities to come back and explain himself for his lack of financial performance. Jia Yueting was once portrayed as a rising Chinese star (and billionaire) potentially following in the footsteps of Elon Musk.
It’s hard to imagine that the once promising and as some might point out over-promising Faraday Future (FF) that sent the electric vehicle (EV) media into a frenzy seems now lingering in limbo. What happened to FF, anyway? FF didn’t have the best start two years ago at the CES … [continued]
Aston Martin has decided to scale back its RapidE electric vehicle production plans as a result of its investment partner, LeEco, pulling out of the project. That’s according to recent comments made by Aston Martin CEO Andy Palmer.
LeEco, the primary backer of the electric vehicle startup Faraday Future, is now looking to sell the 49-acre property in Silicon Valley that it acquired from Yahoo less than a year ago. LeEco also unveiled the LeSEE last year in China and then in San Francisco — pictures of the LeSEE are throughout this article.
The Chinese tech giant LeEco has begun construction on its planned $3 billion electric car manufacturing facility in China, following a $1.44 billion investment from an unnamed source.
As we get closer and closer to CES 2017, when Faraday Future is reportedly going to be unveiling its first production vehicle, more and more execs seem to be departing the company. The latest was the company’s “global CEO,” Ding Lei, who is also a top exec at the tech giant LeEco.
Following on news of cash flow problems at LeEco, and news that construction work on Faraday Future’s $1 billion facility in Nevada had ceased due to being behind on payments to construction firm AECOM, LeEco has secured $600 million in new funding.
Following on our earlier report that Faraday Future was behind on the payment of a $21 million deposit to the construction firm AECOM, the billionaire behind the electric vehicle firm, as well as LeEco and reportedly now Atieva to some degree, has released a letter to employees at LeEco admitting that the tech giant was running out of cash because of rapid expansion.
The Chinese electric vehicle startup LeEco recently held an unveiling event in San Francisco for its LeSEE sedan concept, leading to the divulgence of a couple of new details about the electric car.
