Billionaire behind LeEco and Faraday Future admits company is low on cash
But don't worry, he's taking a massive pay cut.
It's not surprising to hear that LeEco is short on cash, as the
technology company entered so many fields at once. The company recently
introduced a host of products for the US market, including mobile
phones, televisions, and electric bicycles, and announced plans for a
range of electric cars. LeEco, especially with its vehicles, had some
lofty goals. Its EV, the LeSee, will be an autonomous car with its own magnetic charging system and external display, assuming it actually ever goes on sale.
On the Faraday Future side, the company's 1,000-horsepower FFZERO1
concept was outrageous in every way possible. While it was drastic and
drew a lot of attention, it didn't do anything to mark the company's
future in EVs.
In addition to trying to introduce its own electric cars, which included a plan to build a $1.8 billion factory, LeEco also had a partnership with Aston Martin for a production variant of the electric RapidE concept. With LeEco's financial woes, we'll have to wait and see if Faraday Future brings its production-ready car to CES.
(AutoBlog.com)
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