According to a new report, Chinese giant, LeEco , is contemplating an exit from the Indian smartphone market . This comes as about 85% of the staff along with two senior executives have left the company. These lay offs suggest that the company is rolling back on its Indian plans.
This news is slightly surprising as LeEco was one of the few Chinese OEMs to actually come out with decent smartphones bundled with media services. It’s yet to be ascertained if the company has any particular reason behind taking this decision, but for now, it seems like LeEco’s future in the country hangs in the balance.
As per one unnamed senior executive, the company is calling it quits from India due to the high competition it faces from fellow manufacturers. November’s demonetization ruling seems to have impacted the company’s sales to some extent as well.
Known for attractive handsets like the Le 2 and theLe Max , the company even has its own manufacturing unit set up in the country under the ‘Make in India’ project. This meant that the company was serious about its presence in India, although this new report suggests otherwise.
It’s too early to comment on LeEco’s future as we don’t have concrete word from the company. But since the word is pretty much out there, we don’t expect this to remain a secret for long now.
This news is slightly surprising as LeEco was one of the few Chinese OEMs to actually come out with decent smartphones bundled with media services. It’s yet to be ascertained if the company has any particular reason behind taking this decision, but for now, it seems like LeEco’s future in the country hangs in the balance.
As per one unnamed senior executive, the company is calling it quits from India due to the high competition it faces from fellow manufacturers. November’s demonetization ruling seems to have impacted the company’s sales to some extent as well.
Known for attractive handsets like the Le 2 and the
It’s too early to comment on LeEco’s future as we don’t have concrete word from the company. But since the word is pretty much out there, we don’t expect this to remain a secret for long now.
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