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As the story unfolds, Jia Yueting, the founder of LeEco, has taken a step back from the public eye, leaving behind a trail of uncertainty. Following the suspension of employee social security in June and delayed wage payments in July, rumors of the collapse of the LeSEE executive team have been circulating. The car electronics editor takes a closer look at these developments.
According to insiders, after the departure of Ding Lei, the former co-founder of LeTV Supercar and CEO of China, Zhang Hailiang, who had recently become the global CEO of the new LeTV Supercar, disappeared within two months. Zhang claimed he was on vacation in the U.S. and attending business meetings. Soon after, the news broke that Niu Shengfu, the chief technology officer of LeTV, had also resigned.
The domestic department of LeTV is now nearly empty, with only three members remaining in the core executive team: Fu Zhenxing, Vice President of LeTV Supercar (China) Co., Ltd., Gao Jingshen, Vice President of Manufacturing, and Lu Zhengyu, Vice President of LeTV Supercar (China) Co., Ltd.
Jia Yueting, who has stepped down from all positions at LeTV.com and serves as the global chairman of LeTV Automotive Ecology, is currently focused on securing funding for Faraday Future (FF). However, this effort does not seem directly connected to the promise of focusing on the supercar. Amid the crisis, there is hope that Jia’s commitment to "doing his duty until the end" is more than just words.
On July 6, Jia Yueting issued a statement from the United States, expressing regret and promising to take full responsibility for LeTV's challenges. He pledged to repay employees, users, customers, and investors, urging everyone to give LeTV some time to recover.
In Jia’s vision of building a car dream, LeEco's supercar and FF have both attracted attention. He emphasized that he resigned from key positions to focus entirely on accelerating the mass production of FF91. While LeTV struggles with its own issues, FF appears to be making progress in the automotive field.
On July 11, FF announced plans to move the production site of the FF91 model to a new location to ensure timely delivery. They also mentioned transforming their existing plant and procurement processes to enable mass production as soon as possible. Meanwhile, the APEX factory in North Las Vegas will continue operations, though the construction plan has been adjusted.
Recent reports indicate that FF has suspended its production base in Nevada, citing major changes to its business strategy. Jia Yueting shared this news on Weibo, but no details about the new location were provided. Industry observers suggest this may signal a slowdown for LeTV, and whether FF91 can be mass-produced as planned remains uncertain.
At the beginning of the year, FF unveiled its first electric vehicle, the FF91, which claims to be the fastest electric car in the world. With a peak power of 783 kW and a 0-60 mph acceleration of 2.39 seconds, it surpasses the Tesla Model S. However, the initial plan for FF91 was limited to 300 units worldwide, with a $5,000 deposit required for reservations. Despite ambitious goals, it is unclear if these deposits have been fulfilled.
The reasons behind FF's decision to relocate its production base are linked to LeTV's ongoing debt crisis. There are speculations that FF might use other auto assembly plants for production, which could offer a more practical solution at this stage.
This is not the first time LeTV has halted factory construction. In November 2016, media reported that the FF factory construction was put on hold due to financial constraints. Unlike LeTV's strong emphasis on FF, FF has been trying to clarify its relationship with LeTV. From LeEco's perspective, the LeTV Supercar project seems more challenging to disclose than FF, which operates independently.
In December 2016, LeEco announced the start of construction for the Leshi Deqing Automobile Eco-Industrial Park. However, after half a year, little progress was made. The site, surrounded by barbed wire, was filled with rocks and weeds, with only a few excavators visible.
According to the original plan, the first phase of the LeTV Supercar Ecological Experience Park would cover 4,300 mu and produce 400,000 vehicles annually. Upon completion, it aimed to become a global vehicle manufacturing base and a theme amusement destination integrating LeTV's sports, music, and entertainment elements.
If LeTV wants to manufacture cars in China, it must build a factory well in advance, obtain production qualifications for new energy vehicles, and pass state-mandated tests to enter the Ministry of Industry and Information Technology's vehicle production catalog. However, so far, LeTV has not achieved any significant results beyond its grand "car-making dream."
In contrast, another internet car company, NIO (Weilai Auto), invested heavily in capital early on and quickly established its own R&D team, obtained test licenses, and launched products. Recently, NIO's brand image stores have opened in Shanghai, further strengthening its brand presence.
Since the release of the "SEE Plan" for supercars in late 2014, LeTV's vision of an internet-connected intelligent transportation ecosystem and lifestyle attracted many elites and investors. Jia Yueting once promised that even if LeTV faced difficulties, they would ensure everyone experienced what a real internet car was.
However, after several years, this dream has become increasingly fragile. From fund shortages, incidents, layoffs, executive changes, asset freezes, equity pledges, and debt collection in the U.S., LeTV's journey has been turbulent over the past six months.
First, Jia Yueting stepped down as chairman of LeTV Holdings and CEO. Then, his assets worth 1.2 billion yuan were frozen by the judiciary. LeTV Sports struggled to pay for events, leading to continuous loss of copyrights and heavy layoffs, with the layoff rate exceeding 50%. Even LeTV Pictures, considered a valuable part of the LeTV system, had its shares pledged to Sunac, and those shares remain frozen.
On July 6, Jia Yueting, who had been under public scrutiny, announced his resignation as chairman of LeTV. He still holds 26.27% of the shares of Lexie.com but no longer holds any other positions. According to the plan, Jia Yueting will focus on the LeTV Supercar. When contacted, LeTV Holdings stated that this move aims to free Jia from cumbersome affairs, allowing him to concentrate on the LeTV Supercar and listed operations.
LeTV Supercar, seen as a major factor in LeTV's funding problems, has been central to Jia Yueting's "Car Dream." According to incomplete statistics, LeTV has invested tens of billions in the automobile business. Jia Yueting has repeatedly stated that he has bet everything on this dream.
Public information reveals that in November 2016, LeTV exposed its debt crisis. Jia Yueting admitted that LeTV's funds and resources were limited, having invested heavily in the early stages, spending over 10 billion yuan of its own funds, which led to a lack of support for LeEco. Subsequently, the crisis was alleviated with a 15 billion yuan investment from Sun Hongbin, the chairman of China's (1918.HK), but this money did not involve the car business.
Recently, LeTV's tight capital chain and the arrears of suppliers' tens of billions have resurfaced, with debt collectors filling LeTV's premises. Jia Yueting, who went to the FF headquarters in the U.S. on July 4, issued a document on July 6, vowing to take full responsibility and repay all debts.
Ultimately, there is still a lack of sufficient funds and no strong product to show. The saying "I saw trees, no forests" has made LeTV's car-making efforts increasingly questionable. Over the past two years, Jia Yueting has shown the public various PPTs, visions, and concepts related to automobiles, along with several suspended production bases. However, there have been no spy photos of unlisted auto products, and mass production remains mysterious.
In conclusion, the car electronics industry continues to evolve, and the story of LeTV and its car dreams remains a topic of interest. For more detailed and updated information, stay tuned to electronic engineering updates.