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


Vivo V9 with dual rear cameras

Xiaomi Redmi 5 launch

Vodafone partners with Tecno to off...
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 ...
  • Pentagon strongly condemns North Korea missile test
    The Pentagon on Monday strongly condemned North Korea’s latest missile test, adding that the ...
  • Reliance Jio to offer sharp tariff discounts for customers signing up by March-end
    Reliance Industries' Jio unit will charge a tariff for its services from April, but will offer ...
  • Bank wallets growing faster than e-wallets
    In the  bank  versus  e-wallets  sweepstakes,  lenders  have now gained lost ground. As of ...

Random Posts

  •  free ebook reader of  2017
    free ebook reader of 2017
    11.03.2017 - 0 Comments
    Make reading more enjoyable Ebooks are a great way to enjoy literature – they’re cheaper than print…
  • How to Use Kodi’s Web Interface to Control Your Home Theater PC
    How to Use Kodi’s Web Interface to Control Your Home Theater PC
    11.03.2017 - 0 Comments
    You’re sitting on your couch, browsing the web on your laptop. Some music would be nice, but you don’t…
  • Alcatel POP4 10 4G LTE tablet launched
    Alcatel POP4 10 4G LTE tablet launched
    15.02.2018 - 0 Comments
    Alcatel POP 4 10 LTE has been designed with students in mind.  It is priced at Rs…
  • How to Upgrade Hard Drive Without Reinstalling Windows
    How to Upgrade Hard Drive Without Reinstalling Windows
    12.03.2017 - 0 Comments
    If you find that your old hard drive is bursting at the seams and you want to upgrade to a larger one,…
  • Strava finally offers native app for Apple Watch – are we closer to the perfect run tracker?
    Strava finally offers native app for Apple Watch – are we closer to the perfect run tracker?
    22.02.2017 - 0 Comments
    It's finally here: a way for runners to leave their iPhone behind and still be able to upload their…

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

  • Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Offer 2018: Refer and Earn Flipkart Vouchers Free
    Teen Patti Refer & ...
  • Hands-on with the home windows 10 Creators update for the Xbox One: Beam recreation streaming arrives
    The Windows ...
  • Steam Now Supports PS4's DualShock 4 Controller
    HIGHLIGHTS ...
  • Lenovo Yoga Book launched in India at Rs 49,990: First Impressions
    Lenovo  has ...
  • This $15 stand turns your Apple Watch into a mini Macintosh
    For all those  ...
  • Jio effect: Telcos may have to cut data rates 2017
    India's big  ...
  • Grow Hair Faster: How to Make Hair Grow Faster Naturally
    Every woman wants ...

Random Posts

  • Hitman sneaks onto Linux to strengthen its library of games
    Hitman sneaks onto Linux to strengthen its library of games
    17.02.2017 - 0 Comments
    Linux is increasingly becoming a viable gaming platform, with more and more big-name…
  • Xiaomi unveils a smart rice cooker as part of its new Mi Ecosystem sub-brand [GoAndroidAuthority.com]
    Xiaomi unveils a smart rice cooker as part of its new Mi Ecosystem sub-brand [GoAndroidAuthority.com]
    29.03.2016 - 0 Comments
    Xiaomi_Mi_IH_Pressure_Rice_Cooker Today, Xiaomi has announced a new company sub-brand…
  • Dell XPS 15 2-in-1 Review
    Dell XPS 15 2-in-1 Review
    03.02.2018 - 0 Comments
    For CES 2018, Dell has introduced with it now not most effective the newly revamped Dell XPS Thirteen, but…
  • How to Root Android 4.1.2 Jelly Bean with KingoRoot
    How to Root Android 4.1.2 Jelly Bean with KingoRoot
    18.02.2017 - 0 Comments
    Android version 4.1 through 4.3, codenamed Jelly Bean, was released in July 2012. And Jelly Bean improved…
  • Apollo 11's crew capsule is going on a four-city tour
    Apollo 11's crew capsule is going on a four-city tour
    26.02.2017 - 0 Comments
    On July 20, 1969, the Apollo 11 mission successfully delivered the first humans to the surface of the…

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!