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
- Seeking nominations for the 2024 rising stars of adtech
- Eli Lilly stock will surge 29% over the next year with its weight-loss drug on pace to do $60 billion in sales by 2030, BofA says
- A millennial who quit her office job to live in a school bus explains what her lifestyle costs and how she makes 6 figures freelancing
- Know what are the 7 signs and symptoms of high cholesterol in your body
- Tata Motors to demerge biz into two separate listed companies
- Best drinks for constipation relief and digestive ease
- 10 Reasons why you should opt for plant-based diet
- Discover peace at India's most calming hideout: top 10 stress-free places in India