Electric-vehicle maker, Faraday Future will soon become a publicly-traded company when its merger with Property Solutions Acquisition Corp scales through all regulatory issues and both parties agree on terms. The net worth of the combined new entity is estimated to be around $3.4 billion, and Faraday now joins the group of electric vehicle companies that have been involved in a merger or acquisition, as they shore up their potentials for greater profit-making.

Faraday Future may still be far from the heavy hitters in the industry like Tesla, but it is indeed growing at an explosive pace, drawing attention from investors and automakers who are rushing to tap the initial public offering (IPO).

Other prominent players in the EV sector like Fisker Inc and Nikola Corp had also gone public through mergers using the special purpose acquisition companies (SPACs) model in 2020.

In a statement on Thursday, Faraday and Property Solutions said that the deal is supported by a private investment of $775 million, and is expected to yield for Faraday Future about $1 billion in gross proceeds.

Some inside sources say that Chinese automaker Geely is the anchor investor in the private placement. In addition, Faraday plans to set up a base in China and interface with Geely for contract manufacturing services.

SPACs have been a very popular model for companies going public in recent times, partly because of little regulatory scrutiny and greater certainty about valuation, unlike a conventional IPO.

The SPAC, Property Solutions is a shell company tasked with raising money through the IPO within two years. In 2020, Property Solutions raised about $200 million in its own IPO.

The combined company is expected to be listed on NASDAQ with the ticker “FFIE”, according to the joint statement by both companies.

This investment is a major boost for Faraday Future which was founded by former LeEco boss Jia Yueting. The investment led to the eventual collapse of the once boisterous LeEco empire and left Jia filing for bankruptcy in China.

• Faraday Future partners with Phillips to develop and showcase health and wellness features
• The Faraday Future FF91 is finally ready for mass production
• Faraday Future Finally Unveils the FF91, its Sleek Self-Driving Electric SUV

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In China, things work like this: when you are in financial troubles and you are unable to pay your debts, you get banned from even using public transport. That is what just happened to Jia Yueting, the former CEO of LeEco. Jia Yueting has just been subjected to significant restrictions in his home country: he has been banned from air travel and he has also been restricted from taking long-distance public transport. These restrictions from luxury air and rail travel will last for one year. They come as Jia Yueting has been added to Credit China’s list of individuals restricted from public transport, which includes 169 individuals.

This list contains the names of people who haven’t paid taxes, smoked on trains despite being forbidden, or disrupted flights. Even his sister Jia Yuefang has been added to the list for the same issues.

LeEco was a great smartphone manufacturer, but its economic conditions started getting bad from 2016. The company has then tried to expand outside of China (in the U.S.), but it was a bad decision and it only made the situation worse than it was. Due to financial troubles, Jia Yueting had to resign from his CEO position in order to become LeEco’s chairman in July 2017, but Beijing court froze its assets in August and he had to leave China.

He then moved to the U.S. to focus on his electric car manufacturer, Faraday Future. A few months ago Jia Yueting’s name was added to a government blacklist for credit defaulters, then he was asked to go back to his home country and pay the company’s debts. Now, the company risks losing its TV division if Jia Yueting does not pay his debts. The last LeEco’s phone was LeEco Pro 3 AI and it was announced in April 2017.

(via)

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Last week, it was reported that the Chinese Securities Regulatory Commission asked LeEco’s founder Jia Yueting, to return to China before December 31. Today is 2nd of January, and Mr. Yueting hasn’t returned to Asia.

In an official response to the order via his Weibo account, Jia Yueting said he needs to remain in the US to oversee his electric car startup, the Faraday Future. In his place, he has sent his brother Jia Yuemin, and wife Gan Wei home to sort out matters.

The order to return to China was due to failure of Mr. Yueting and his sister to provide loans promised to Leshi Internet Information and Tech. Co.. Leshi and its sister company LeEco are in debts and have been unable to pay its suppliers and loans.

READ MORE: LeEco Is Back! Releases 10 New TVs Under Lean & New Series

In the post, Jia apologized for the debts and said he is working with the company to repay. He added that his brother has met with regulators on December 29 to also discuss the mater. He continues in the post that “The financing of U.S.-based FF has made great progress and there is immense work that requires me to guarantee on-time mass production and delivery of FF 91 EV,”.

(Source)

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LeEco‘s former CEO and Chairman Jia Yueting is unarguably an innovative entrepreneur who was an inspiration to many during the hay days of the tech guru. All that seems to be in the past presently as Jia Yueting has since plunged his once bubbling company into financial troubles. The tech mogul has been on the run as authorities in China has ordered him to return back to the country before the end of this year and he was recently blacklisted as a debt defaulter in China. While the dust generated by this unsavoury news is yet to settle down, another report out of China indicates that a Beijing court has seized Mr Yuetings assets.

According to a statement on its website, the Beijing-based First intermediate People’s Court seized more than 1.3 million yuan ($200,000) in bank deposits. The court is also eyeing Jia’s shares in publicly listed Leshi Internet Information & Technology Corp. as well as two Beijing properties targeted in previous cases. No further details were disclosed on the seized properties. The court said it took action after agreeing to enforce a petition from a securities firm in Fujian in a bid to recover more than 200 million yuan it claimed Jia owed.

Read Also: LeEco Founder Jia Yueting Has Been Added to China’s Blacklist of Debt Defaulters

LeEco was hit with a cash crunch occasioned by Jia Yueting’s decision to expand aggressively its smartphone business into new markets and even veering into the automobile industry with investment in U.S electric car maker Faraday Future. That investment is yet to yield fruits but Jia is said to have disclosed during a staff meeting earlier this month that Faraday had managed to raise more than $1 billion in Series A financing, without naming his investors. We hope Mr Yueting weathers the storm and quickly too as debts and interests continue to pile up. Jia’s exact location is not known as at this moment.

(source)

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LeEco founder Jia Yueting has been ordered by the Chinese Securities Regulatory Commission to return to China before December 31. This is one of the many calls made by the regulator to the Chinese billionaire to come back home. He is said to be in the United States taking care of his electric car venture, Faraday Future, which is another company struggling with operations. 

Earlier this year, Jia resigned from all of his positions in Leshi Internet Information & Technology Corp. But at the time of his resignation, he left LeEco in a very bad position mounted by debts. He is now being called by the regulator to fulfill on his promise made back in 2015 to provide interest-free loans to Leshi with the proceeds from the sale of his shares in the company. It is worth mentioning that he said in a letter back in November that he won’t be able to fulfil his promise of financial support to a LeEco subsidiary.

The regulator ordered Jia in an official statement yesterday, asking him to immediately return ‘home’ (China) and handle the situation. The statement further adds that ‘the debt has to be paid back’ and it has caused ‘extremely adverse social impact’.

The situation doesn’t look good for Jia right now. With mounting debts and Faraday Future struggling, it remains to be seen whether he will pay heed to the call from the Chinese regulator this time.

(Source, Via)

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LeEco founder and former CEO Jia Yueting wanted his company to rival with major U.S. companies like Apple, Netflix, Tesla and so on in various markets like smartphones, TV, cars and media content. However, LeEco is currently facing its worst cash crunching situation. On Monday, the company suffered another blow when the billionaire founder was added to the blacklist of debt defaulters in China.

According to Chinese media, Yueting was blacklisted as a debt defaulter after a Beijing court confirmed that he has failed to settle the debt of around $72 million to Ping An Securities Group, an investment company that belongs to China’s second-largest insurer.

LeEco founder’s name is now listed among other debt defaulters on shixin.court.gov.cn and his name is easily searchable by anyone. In 2013, China’s Supreme Court had publicly revealed the blacklist in order to name and shame debt defaulters. LeShi Holding and LeShi Yidong, the two subsidiaries of LeEco are also included in the list.

Read More: LeEco Said To Have Put Up Its Headquarters Building In Beijing For Sale

Debt defaulters are not allowed to travel by airplane or use first-class service on bullet trains. They are banned from using other luxuries such as premium hotels and golf courses. Such people are not allowed to invest in properties and their children are barred from studying at private schools.

The above rules are only applicable in China. It is unclear whether how these rules will affect Yueting who has been living in the U.S. since the past few months. Also, since March this year, he is yet to make a public appearance in China.

Earlier this year, Yueting resigned from his post as chairman of LeShi Internet Information and Technology so that he could concentrate on the auto unit of LeEco. Yueting had a net worth of $6 billion two years ago, but it has reportedly fallen to $3.8 billion in March this year. The future seems bleak for his company that has attained unsustainable debt in a bid to expand its business in international markets at a very fast pace

(source)

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LeEco’s financial woes are still far from over, despite efforts to salvage the once bubbling tech giant. A recent rumour from the real estate circle in China alleges that the company has put up its headquarters building in China for sale. According to local media are reports, the building is slammed with a price tag of RMB 1.4 billion ($211 million).

The building which used to be a beehive of activities during LeEco’s hay days covers an expansive 20,000 square metres area. The once sprawling headquarters is being sold apparently to meet up with some of its debt. LeEco is estimated to have a debt burden of up to 20 billion Yuan ($3 billion).

Read Also: Two LeEco Subsidiaries Blacklisted for Unpaid Debts by Supreme Court in China

This is yet another reminder that LeEco is plunging deeper and deeper into financial troubles. In recent months, a number of LEco’s assets and those of its founder Jia Yueting had been frozen by court order. The building in question is even said to have been mortgaged by Leshi Holdings, one of LeEco’s subsidiaries, to seek for a loan of RMB 1.4 billion through a third-party company, and the pledge is still in effect. Thus, it may be difficult to find a buyer for the property very soon.

(source)

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When Faraday Future was formed in 2014 it made claims it would change the automobile industry. Three years later, and the company is trying to stay alive.

In the last couple of months, Faraday Future has lost a number of its key executives. The latest to leave is Richard Kim who until yesterday held the position of Chief Designer at the US based start-up.

Report says Mr. Kim submitted his resignation letter on Tuesday, 28th of November. His resignation comes weeks after the CFO Stefan Krause, and the CTO Ulrich Kranz left Faraday, although the former has been accused of malfeasance.

Before Richard Kim joined Faraday Future as one of the founding executives, he was a designer at BMW where he was in charge of the i3 and i8 models. A statement by a former employee at the company regarding his departure says “Richard gave his heart and soul to that company, and he tried to make it work. He’s been considering leaving for 2 to 3 months,”.

During his stay at Faraday Future, Kim designed the FF91, the company’s first production vehicle which is expected to ship in early 2018. However, it remains to be seen if that date will stick with current happenings.

The company is bankrupt, no thanks to its chief financier Jia Yueting, CEO and founder of LeEco. Jia Yueting is facing a tough time with his first company too. After an unsuccessful launch in the American market, things have gone sideways financially for the company.

Apart from the loss of its chief designer, Faraday Future has other issues to deal with. An email obtained by The Verge and addressed to multiple departments scolded employees for not showing up at work. Dated 20th of November and written by the head of go-to market operations, Allan Lu, a part said “only 2 people where in office” when Jia Yueting came to meet up with some potential investors.

READ MORE: Two LeEco Subsidiaries Blacklisted for Unpaid Debts by Supreme Court in China

The rest of the mail says the company is close to obtaining investment and encouraged employees to go back to “fight mode immediately”. Employees are expected to resume at 9 o’clock and close at 6:00 PM daily.

(Source)

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LeEco that appeared like a major competitor to companies like Apple, Tesla and Amazon, has now become a debt-ridden company. Fresh information reveals that the Supreme Court of China has blacklisted two subsidiaries of LeEco, as they have defaulted in clearing payments to their suppliers.

The blacklisting of LeEco’s subsidiaries have brought certain restrictions on company executives, including a ban on traveling by plane in China. The blacklisting clearly reveals the financial crisis LeEco is going through.

The website of Supreme People’s Court has documents that state that Beijing-based Leishi Holding, managed by Jia Yueting and Leishi Yidong, a mobile affiliate of the LeEco group have together failed to clear a debt of $16.38 million. It is interesting to note that the reason behind blacklisting these companies is that they do not want to clear the debt even though they are in a position to do so.

An analyst has claimed that the company is yet to make a decision on whether it will be paying back the debts or investing on expanding its business. An executive from Leishi Holding has said that debt amount is smaller the asset value of the firm. He affirmed that the company is in a position of clearing its debts and is working on getting rid of non-listed assets.

Read More: One of LeEco’s Service Centers Shut Down in China As Financial Woes Deepens

Jia Yueting had earlier stated that its company would be able to rival with American tech titans in various departments like smartphones, smart TVs and electric cars. However, in November last year, Yueting officially confirmed that his firm is in a financial crisis. He realized earlier this year that the company is in a bigger trouble even when an investment of 16.8 billion Yuan from a property tycoon could not help in resolving financial issues.

Yeuting has resigned from the position of Chariman and CEO of LeEco around two months ago. Earlier in this month, it was reported that LeEco has slashed nearly 85 percent of its workforce in the U.S. The official LeEco U.S. has been shut down and the Vizio’s acquisition for $2 billion by LeEco has been cancelled.

Analysts are of the view that the downfall of LeEco happened because it tried to expand too fast in multiple departments. This resulted in finishing its cash flow, which made it debt-ridden. It seems that the future is very bleak for LeEco.

(source)

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Just when we thought things couldn’t get any worse for embattled tech giant LeEco, the company’s financial troubles seem to be getting worse. LeEco has reportedly closed its only store in Russia’s capital Moscow and may be on the verge of exiting Russia entirely. With an eye firmly set on global expansion, LeEco had entered Russia around May last year as its third international market after the successful launch of its services in India and USA.

LeEco planned to invest over USD 100 million in Russia and market its unique vertically-integrated ecosystem to Russian users with an all-new experience delivered through the Internet, smart devices, smart applications, and cloud. But that plan may have hit the rock as a source familiar with the matter claims LeEco may be preparing to leave Russia entirely. According to the source, the move for an early exit is caused by LeEco’s financial troubles which have made the company unable to service the loan it took last year in a bid to expand to newer markets.

LeEco’s financial imbroglio came to the limelight late last year when its CEO Jia Yueting sent an internal memo around hinting that the company was facing a cash crunch. The financial trouble is closely related to LeEco’s investment in U.S-based electric car manufacturing company Faraday for the Faraday Future electric car as well as other investments aimed at divesting into new markets. The expansion drive proved to be too rapid and it is on the verge of crumbling the once thriving business empire. A representative of LeEco has, however, disclosed that the closure of the Moscow store doesn’t mean the company is planning to exit the country but is instead trying to revamp its general business strategy. The company is reportedly developing a new strategy that would help improve the performance of its foreign operations, including its Russian concerns, a company exec had disclosed.

Read More: LeEco’s Financial Troubles Continue, Defaults in Payment For EPL Broadcast

Sales in the Russian market have been far less than LeEo’s expectations.  LeEco’s Russia arm had announced that it was planning to sell one million devices in Russia in 2017, but that isn’t possible anymore. The company only managed to rake in an estimated 19,400 units in sales during the first quarter of 2017 and an estimated 21,000 units in the second quarter. With such abysmal record, sales may not even get up to 100,000 units this year if indeed the company stays in Russia, especially as its major store in Russia’s capital has now been shut down. The company only sold 27,500 units in Q4 2016 so, don’t expect any better record this year. We do hope the company make a come back into the smartphone market sometime soon.

(source)

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LeEco is facing very difficult times at the moment. Things seem to be getting worse for the Chinese company with respect to its debts.

The latest news is the resignation of Jia Yueting as the Chairman. A few months ago, he had resigned from his position as CEO of Leshi Internet and Technology Corp. A few days ago he also had his assets frozen as they were used as collateral for some loans.

It is important to clarify that Leshi Internet and Technology Corp. is different from Leshi Holding Co.. The former is a public company and the one that Mr. Yueting resigned from as CEO and Chairman. Leshi Holding Co. is the private arm that deals with its phones, TVs, and automobile arms.

LeEco’s woes seems to have started since its failed attempt at entering the American market. Jia Yueting himself had admitted that their expansion plan was too rapid.

READ MORE: One of LeEco’s Service Centers Shut Down in China As Financial Woes Deepens

With respect to phones, we have seen a few devices show up at TENAA and the Le X920 has failed to launch, preferring to show up in leaks.

(Source)

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The financial troubles bedeviling the innovative Chinese company LeEco may have taken its first casualty and it turns out to be LeEco’s founder and CEO, Jia Yueting. According to a stock exchange filing, Jia Yueting will step down as CEO of one of LeEco’s holding companies, Leshi Internet Information & Technology Corp Beijing. The filing also revealed that the company’s finance chief will also be eased out and that the former CEO will still retain his position as chairman.

Leshi was founded by Jia Yueting in Beijing in 2004 and is reputed as the first streaming video company in China to go public. Jia later founded Leshi Holding as a sister company of Letv to provide media content and products that linked to its services. Both Letv services and Leshi products were marketed internationally under the Letv name until January 2016, when media services began under the Le.com name and electronics products were labeled LeEco.

Information made available in the Stock exchange filing also include that Jia will remain as chairman and woulf focus on corporate governance, strategic planning and core product innovation. His former role as CEO will be taken over by longtime Lenovo executive Liang Jun, who joined Leshi as an executive in 2012. The announcement includes that Yang Lijie would resign as chief financial officer due to personal reasons and his position will be taken over by Zhang Wei, who was formerly the company’s China CFO.

Read Also: LeEco Revenue Up During First Quarter of 2017 In Spite of Troubles

LeEco’s financial troubles began last year after an aggressive expansion drive which saw the company enter the US market and also India. The company had tried to seek billions of dollars in fresh funding and also shed some of its libilities, reducing staff and abandoning a deal to buy Vizio, a U.S. TV maker. The financial difficulties may also be unconnected with the LeSEE electric car project which LeEco was developing with Faraday Future and is believed to have gulped huge sums.

(source)

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LeEco unveiled the Le Pro 3 AI Edition on Tuesday. The new flagship device is not much different from last year’s Le Pro 3 save for the LeLe AI Assistant, dual rear cameras, and the processor.

Yesterday promotional images of the black Le Pro 3 AI Edition were posted on Weibo by CEO Jia Yueting. The phone actually looks pretty nice but we couldn’t help but notice that the wallpaper on it is the same as that of the OnePlus 3T. Yes, that molten lava picture is actually the default wallpaper for the Midnight Black OP3T.

Seeing the same image on the Le Pro 3 leaves us wondering if the OnePlus CEO didn’t see this gaffe. We can’t deny it, the wallpaper definitely looks good on a black phone but LeEco could have hired someone to make one specifically for them instead of “borrowing” from OnePlus.

READ MORE: LeECo’s Financial Woes Are Far From Over, Delays Salary of US Employees

Initial reception for the Le Pro 3 AI Edition has been lukewarm due to the use of a Mediatek processor but pre-order figures have been pretty high, reaching almost 5 million. The question however, is how many of the pre-orders turn into completed sales.

(Source)

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A few days ago, it ws reported that LeEco India had laid off a large percentage of its staff. The lay off was interpreted as a sign that the company would soon be leaving one of the major smartphone markets in Asia. The company has however issued a statement saying otherwise.

Although the Chinese manufacturer didn’t dispute the layoff, but it says it has no plans to leave as “India is one of the most strategic markets for LeEco”. It even added that it is preparing for the launch of its next generation TV in the country.

A company representative also revealed to Reuters that there are 80 employees at the moment, down from about 350 at the end of last year.

LeEco’s woes started when the content of a memo written by CEO, Jia Yueting was made public. The memo warned of an impending cash crunch caused by a rapid expansion at an “unprecedented rate”.

A former employee who also spoke to Reuters said he had resigned after six months because the letter left him discouraged. The unnamed ex-employee said “I joined the company in mid 2016, and there were a lot of promised projects in the pipeline. The projects were all stalled and that got me worried”.

READ MORE: Two New LeEco Phones with Dual Cameras Seen at TENAA

If LeEco isn’t going anywhere, it is still evident that it has scaled back on its operations massively. The small team on ground is probably just for the sake of product releases like its smart TVs, bluetooth speakers, and headphones.

(Source, via)

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Chinese smartphone maker cum internet giant LeEco may have just gotten a much needed lifeline which could save the company from practically hitting an iceberg in the troubled waters it is sailing currently. The lifeline comes in the form of a new round of investment from Chinese property developing firm Sunac China Holdings, estimated to be worth 15.04 billion yuan ($2.18 billion USD).

LeEco’s CEO Jia Yueting had last year hinted that the company was facing some challenges financially, occasioned by the rapid pace with which the company tried to expand, both on the domestic plane and internationally. There were signs also that the company did drop some of its staffs and just last December, it was almost prevented from showing EPL matches live by the right holder after defaulting in its payment schedule. This latest financial lease of life comes in form of series of investments spread across LeEco’s numerous holdings.

Sunac Real Estate announced that it plans to invest 6.04 billion yuan in LeEco’s Leshi Internet Information and Technology Corp Beijing by acquiring an 8.61 percent stake. The investor also plans to invest 1.05 billion yuan in LeEco’s film production company, Leshi Pictures, by acquiring a 15 percent stake, and pay another 7.95 billion yuan ($1.15 billion) for a 33.5 percent stake in Leshi Internet’s subsidiary Leshi Zhixin, known for its smart Internet TVs. The real estate company also hopes to collaborate with LeEco in areas such as intelligent hardware, real estate, and smart homes. It also pointed at industrial real estate as an area for greater cooperation between both companies.

Read More: Sign of a Major Layoff as Image of LeEco Employees Queuing Up Surfaces Online

This, no doubt, will offer LeEco some breathe of fresh air as the funds will likely help solve some of its financial difficulties. The investment will be of benefit to us all, because now the company can concentrate in developing innovative products such as smartphones, film services, sports, and its driverless electric vehicles.

(source)

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Chinese smartphone manufacturers look poised to make their presence felt on the global scene at a regular basis. Not too long after Huawei confirmed its participation in CES 2017, LeEco‘s CEO Jia Yueting seems to have hinted the innovative Chinese company will also participate in CES 2017.

Jia Yueting had written a post on Weibo that suggested the company will participate in the CES 2017 exhibition in Las Vegas, Nevada, US. The Weibo post was accompanied with a poster containing several LeEco products such as Super TV, smartphones, smart bike, car, VR headset and others. The poster seems to announce a launch event billed for January 5 during the CES 2017 where the company will perhaps unveil most of its new products.

Read More: Image of LeEco Employees Queuing Up Surfaces Online, Sign of a Major Layoff?

Curiously, the Weibo post was abruptly deleted from the CEO’s account not to long after it was posted. The reason for the deletion is unknown presently. We’ll still have to wait for official words as to whether the company will participate in CES 2017 or not. LeEco has been in the news of late as having financial problems which have led to the retrenchment of some of its work force amidst mounting debts. Huge investments in its Eco car project as well as other innovative projects are being fingered for the slump in the company’s financial prowess. Showcasing some of the products could help in bringing in more investors, thus revitalizing the company.

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Earlier today, during a joint conference by LeEco (LeTV) and Coolpad, it was officially announced that former Huawei President, Liu Jianfeng will be coming on board and taking the reigns as CEO of Coolpad Group. He will also serve as special adviser to LeEco Chairman, Jia Yueting.

Liu Jianfeng was the President of Huawei’s Consumer Business Unit up until 17th of February, 2015 when he announced his resignation. He played a pivotal role towards the company’s current success and he’s expected to replicate that success at Coolpad.

READ MORE: LeEco Le 2s Said To Launch September 9

Coolpad has seen some major changes in recent times following LeEco’s new position as the largest shareholder of the company. A sub-brand called CoolEco has been formed by both companies and they have also launched their first jointly-made phone, the Cool 1, under the new brand.

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Chinese smartphone maker LeEco, formerly known as LeTV will start selling phones, televisions and other gadgets in the US market sometime soon, an internal memo from Jia Yueting LeEco’s CEO indicates.

This is coming on the heels of news that the Beijing-based online video company, who runs a business model which is similar to American company NetFlix’s, has completed the acquisition of a 50-acre development site in the Silicon Valley from internet giant Yahoo. It hopes to build its North America headquarters on the property to accommodate thousands of staffs.

According to the internal memo, billionaire-owner Jia Yueting informed staffs that LeEco is preparing for an official launch of its product in the US market within the next three months.  The company, which made its start in online video streaming, is looking to sell their own music content, smartphones, Smart TVs and video streaming services in the United States.

LeEco is virtually unknown in the U.S, even though it’s been a significant player in China for some time. Originally launched in 2004 as an online video service, it quickly became one of the largest video platforms in the country, where it now streams a catalog of some 5,000 movies and 100,000 TV show episodes.

The company also started selling Smart TVs and streaming boxes, and last year, LeEco which still carry the LeTV brand in its products, also began selling smartphones in China.

The company is poised to take on giants Apple and Tesla in the video streaming market with entertainment content made by its movie-production unit Le Vision Pictures and local partners.

Already, LeEco has a film under production titled The Great Wall, a story centered on the construction of the Great Wall of China and strategically, the film stars Hollywood A-list actor Matt Damon.

Another crucial part of LeEco’s foray into the US market is Faraday Future, an electric-car start up that it entered into partnership with. LeEco funds the start-up and the company plans to set up a research lab in the Silicon Valley headquarters where it hopes to explore technologies in artificial intelligence, autonomous driving and virtual reality, according to the memo.

(Source)

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