LeEco goes from massive global launch in the U.S. to cost cutting programs in China to India becoming the company’s future, all in three weeks
After a-tell all letter to employees from the
The self made Chinese billionaire CEO,
The letter quite surprisingly followed LeEco’s massive global push with a huge splashy launch event last month in the U.S.
But the letter painted a different picture, “No company has had such an experience, a simultaneous time in ice and fire,” Jia wrote in a letter, obtained by Bloomberg News, describing LeEco’s rise and subsequent issues. “We blindly sped ahead, and our cash demand ballooned. We got over-extended in our global strategy. At the same time, our capital and resources were in fact limited.”
LeEco products and services include video streaming, TV, smartphone, content production and electric vehicles. It is also keen to expand its ecosystems around the world with presence in Hong Kong, India, Russia and the US.
According to a previous letter sent to the employees, the 12 year old
Since its entry into India in January this year, LeEco has introduced two generations of its ‘Superphone’, one generation of ‘SuperTV’ and entertainment membership services in the country. LeEco reiterates it is committed to the Indian markets and will be launching new products in India in the coming weeks.
Popular on BI
- Elizabeth Holmes ordered dinners for Theranos staff but made sure they weren't delivered until after 8 p.m. so they worked late: book
- My twin and I were in separate classrooms in school. Our joint math lesson made me realize how silly that was.
- 2,000 years before 'manscaping' and smooth armpits, the Romans were seriously into hair removal, archaeological findings show
- Best flagship phones in India in 2023
- Small Size Bluetooth speakers in India
- IIT Madras tops Indian institute ranking fifth year in a row – here are the top 10
- Best tablets under ₹5000 in India
- Speedy, small loan market sees Muthoot Microfin make an entry