Android Century
  • Home
  • Android Zone
    • Android Apps
    • Android Games
    • Apps APk Files
    • Games Apk Files
    • Apps Hack Tricks
  • Reviews
  • Fantasy Zone
    • Entertainment
    • Quotes and Status
    • Life Style
    • Home Made Tips
    • Hair Care
    • Skin Care
    • Fantasy Tips
  • Tricks
    • Free Recharge
    • Free Internet
    • shopping Cashback
    • Recharge Cashback
  • Tech
  • Mobiles
  • Gadgets
  • News
  • How To's
  • Software
Breaking
Loading...

Featured post

How to Take Great Photos With Apple's iPhone X

Recent Posts

Labels

  • Android Apk Files
  • Android Apps
  • Android Games
  • Apps Apk Files
  • Entertainment
  • Fantasy Tips
  • Gadgets
  • Hair Care
  • HomeMade Tips
  • How To's
  • News
  • Quotes
  • Quotes & Status
  • Recharge Cashback
  • Recharge Promo Codes
  • Shopping Cashback
  • Technology
  • skin care
Home / News / After firing 85% staff in India, LeEco to sell 49-acre Silicon valley site

After firing 85% staff in India, LeEco to sell 49-acre Silicon valley site

Latest Govt. Jobs 16:27:00 News Edit
Chinese technology conglomerate LeEco is looking to sell a 49-acre U.S. Silicon Valley property less than a year after buying it from Yahoo Inc, sources said, in what is the latest effort by the firm to ride out a cash crunch. 

LeEco, one of China's most ambitious companies that grew from a Netflix-like video website to a business empire spanning consumer electronics to cars within 13 years, is struggling to support its goals that include beating Elon Musk's Tesla Motors in premium electric vehicle making. 

LeEco's billionaire founder and CEO Jia Yueting admitted in a letter to staff in November that the firm was facing a "big company disease" and battling a cash crunch after expanding at an unprecedented rate. 

But less than a month prior to the letter, amid much fanfare at LeEco's official U.S. launch at the Palace of Fine Arts in San Francisco, Jia had outlined plans to build its North America headquarters at the Silicon Valley site. 

"This property will be an EcoCity that houses 12,000 employees," Jia said at the time. 

Now cash-strapped and struggling to repay a pile of debts to suppliers and business partners, LeEco plans to sell the U.S. site to little-known Chinese developer Genzon Group for $260 million, $10 million more than what the firm paid for it in June, said a source with direct knowledge of the deal who did not want to be named due to rules on talking to media. 

Genzon confirmed it was in talks to buy the site, but declined to comment on the deal size or whether it was teaming up with any partners as the discussions were still ongoing. 

Genzon also declined to elaborate on why it was interested in the property, but according to its website, the Shenzhen-based firm founded in 2003 is erecting a 140,000-square metre office building in Silicon Valley in a project called Burlingame Point - its first in the United States. 

LeEco, in an emailed response to Reuters on the sale talks, said it was "working on securing a development partner" but that it was unable to share any further details. 

"We are not yet ready to share plans for the land as we are still in the initial planning phase." 

HEADCOUNT CHANGES


According to sources in and outside the company, workforce has been downsized across LeEco US, with some estimating numbers had at least halved in its current Silicon Valley office alone. Jia, in October, said LeEco US employs "more than 500". 

LeEco was cited by Chinese media as saying in May last year that the company had 1,000 employees in the United States, including research personnel for its "super car". 

The firm on Friday declined to comment on these reports or its current employee number. It is company policy not to quote numbers upon request as "headcount changes routinely due to additions and/or departures", LeEco said. 

LeEco has seen headcount reduction in various units of its business in China since its financial problems deepened. The company said earlier this month that it had also cut almost 80 percent of its workforce in India. 

Jia in January said LeEco's financing problems would be solved in three to four months, before the firm got a much-needed capital injection of $2.2 billion from property developer Sunac China Holdings. 

But the Sunac investment was for LeEco's entertainment units and not its car-making business, which analysts say is very expensive to sustain. 

LeEco is developing luxury electric vehicles with Faraday Future in the United States, a startup Jia funds and controls. 

However, the outlook remains unclear after Faraday said it was scaling back production plan at a factory it has yet to build in Nevada. 

Shares of LeEco's flagship unit Leshi Internet Information and Technology Corp Beijing have plunged around 25 percent over five months. 
Share on Facebook Share on Twitter Share on Google Plus

RELATED POSTS


Xiaomi Redmi 5 with 18:9 display

Vivo V9 with dual rear cameras

Xiaomi Redmi 5 launch
After firing 85% staff in India, LeEco to sell 49-acre Silicon valley site After firing 85% staff in India, LeEco to sell 49-acre Silicon valley site Reviewed by Latest Govt. Jobs on 16:27:00 Rating: 5

0 comments:

Post a Comment

Newer Post Older Post Home
Subscribe to: Post Comments ( Atom )

Search This Blog

TEST BOOK FOR GOVT ENTRANCE TEST

TEST BOOK FOR GOVT ENTRANCE TEST
Find All Latest book for preparation of SSC,RAILWAYBANK PO,RBI,BANK CLERK,GATE ME,GATE CE are available here in less prices, to check out the books click here

Translate

  • Popular Post
  • Random posts
  • Category

Popular Posts

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & Earn Offer:  Hey Guys! Today I make an article about Teen Patti Referral ...
  • Hands-on with the home windows 10 Creators update for the Xbox One: Beam recreation streaming arrives
    The Windows 10 Creators Update is here, now—yes,  now —but not (officially) on the PC. The ...
  • Taotronics TT-BH22 Headphones Review
    We make it a addiction to now not look up pricing of a product sooner than reviewing and if ...
  • Jio effect: Telcos may have to cut data rates 2017
    India's big  telecom  companies,  Bharti Airtel ,  Vodafone India  and  Idea Cellular , will be ...
  • How To Install Xposed Framework On Bluestacks
    How To Install Xposed Framework On Bluestacks
    How To Install Xposed Framework On Bluestacks For Rooted Bluestacks Only Requirements: ...
  • WhatsApp now lets you search for GIFs from within its interface
    Spicing up your conversations with GIFs is easier than ever before. The latest update ...

Random Posts

  • Apple doubles the garage of iPhone SE; starts off evolved at Rs 27,200
    Apple doubles the garage of iPhone SE; starts off evolved at Rs 27,200
    23.03.2017 - 0 Comments
    Apple iPhone SE will be available in 32GB and 128GB storage capacities. Apple has updated its…
  • Here is Mobikwik Offer: Get 50 Rs. Cashback On Adding Rs. 10
    Here is Mobikwik Offer: Get 50 Rs. Cashback On Adding Rs. 10
    03.03.2017 - 1 Comments
    Mobikwik  has come up with a super Offer  , By This Offer You will get 50 rs. mobikwik cashback…
  • Acer Nitro 5 Spin Review
    Acer Nitro 5 Spin Review
    12.02.2018 - 0 Comments
    We all know gaming laptops are not a match for gaming PCs, but then again, portability is a major factor…
  • Top 10 iPod classics
    Top 10 iPod classics
    30.07.2017 - 0 Comments
    The iPod is dead, well almost. The product range that helped bring Apple back on top and control…
  • New Lenovo K6 Power available via open sale on Flipkart: A look at the deals
    New Lenovo K6 Power available via open sale on Flipkart: A look at the deals
    09.03.2017 - 0 Comments
    Lenovo K6 Power starts at Rs 9,999 for 3GB RAM variant, while the 4GB RAM option can be bought at Rs…

Labels

Android Apk Files Android Apps Android Games Apps Apk Files Apps Hack Tricks Entertainment Free Internet Freecharge Gadgets Games Apk Files How To's Laptops Guide Mobiles Reviews Technology Viral's android zone free recharge

Entertainment

Tricks

Popular Posts

  • WhatsApp now lets you search for GIFs from within its interface
    Spicing up your ...
  • How to Test Your Internet Speed from the Command Line
    How to Test Your Internet Speed from the Command Line
  • (no title)
    I’m thinking of ...
  • Sony Xperia XZs first impressions: At Rs 49,990 every other ‘top rate’ supplying
    Sony Xperia XZs is ...
  • How To Install Xposed Framework On Bluestacks
    How To Install Xposed Framework On Bluestacks
    How To ...
  • How to Take Great Photos With Apple's iPhone X
    How to Take Great Photos With Apple's iPhone X
  • Alone Time Is Good For Us, Research Says
    Our world is more ...

Random Posts

  • Samsung Galaxy On7 Prime Review
    Samsung Galaxy On7 Prime Review
    14.02.2018 - 0 Comments
    NEW DELHI: At a time when the smartphone market is filled to the brim in all the possible segments, it’s…
  • Top best free parental control software
    Top best free parental control software
    13.03.2017 - 0 Comments
    Protect your kids online It's hard to imagine anything less child-friendly than an uncensored…
  • 5 Possible Windows 10 Issues People May Have and How To Address The Problem
    5 Possible Windows 10 Issues People May Have and How To Address The Problem
    11.05.2016 - 0 Comments
    Anybody that’s made the upgrade to Windows latest operating software Windows 10 may have experienced a…
  • Best Keyboard for Android 2017
    Best Keyboard for Android 2017
    14.01.2017 - 0 Comments
    Gboard SEE ON GOOGLE PLAY Google originally designed the Gboard for the iPhone, and they took their…
  • Top apps that make a current guy flexible
    Top apps that make a current guy flexible
    30.03.2017 - 0 Comments
    Your phone is your life -you use it for everything from your calendar to your Rolodex to your primary email…

Most Popular

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & ...
  • SAMSUNG GALAXY J7 (2016) REVIEWS
    SAMSUNG GALAXY J7 (2016) REVIEWS
    SAMSUNG GALAXY J ...
  • Top 5 Best SmartPhones under 7000 Rs (March 2017)
    Looking for the ...
  • Apple, IBM, Cisco are huge because of Indians, do not deny them H-1B visa: RBI Governor Urjit Patel
    ...
  • SAMSUNG GALAXY J7 (2016) Specifications
    SAMSUNG GALAXY J ...
  • BlackBerry Teases Marshmallow Beta Testing for Priv by Next Week
    Blackberry ...
  • LG Q6 Review
    LG Q6 Review
    2017 is ...

Contact Form

Name

Email *

Message *

Offers Zone

Created By Android Century Distributed by Android Century
  • Home
  • About us
  • Contact us
  • Privacy policy
  • Terms of use
  • Advertise here
Subscribe Via Email Subscribe To Android Century By Email And Get Free Updates. ;-)


Your email address is safe with us!