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The following is a rewritten and improved version of the original Chinese text, translated into English, with additional content to meet the 500-character requirement. It is written in a more natural, human-like tone, suitable for a blog or news-style article.
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LeTV’s once-glorious dream of building an electric car empire has turned into a major crisis, leaving many questions unanswered. Jia Yueting, the founder of LeTV, recently left for the U.S., sparking further speculation about the company's future. After reports of unpaid wages and suspended social security benefits, the disappearance of key executives from LeEco's automotive division has raised concerns.
According to insiders, after Ding Lei, the former co-founder of LeTV Supercar, left, Zhang Hailiang, the new global CEO of LeTV Supercar, vanished within two months. He claimed he was on vacation in the U.S. and attending business meetings. Soon after, the Chief Technology Officer of LeTV, Niu Shengfu, also resigned.
“Most of the domestic team is gone,†one insider said. “Only three core members remain: Fu Zhenxing, Gao Jingshen, and Lu Zhengyu.â€
Jia Yueting, who stepped down as CEO of LeTV.com and now serves as chairman of LeTV Automotive Ecology, is reportedly focused on Faraday Future (FF), but this shift seems disconnected from his previous promises of focusing on the supercar project.
In a public statement, Jia apologized for the chaos and vowed to take full responsibility. “I will give LeTV time to recover and settle all debts,†he said. However, industry analysts are skeptical about whether FF can meet its production targets, especially given the recent decision to move the FF91 factory out of Nevada.
At CES earlier this year, FF unveiled the FF91, an electric vehicle that claims to be the fastest in the world. Despite the hype, only 300 units were initially planned, and no confirmation has been made about whether deposits have been paid.
This is not the first time LeTV has faced setbacks. In 2016, construction of the LeTV Supercar Eco-Park was halted due to funding issues. The site, once expected to become a major manufacturing hub, remains largely undeveloped.
While companies like NIO have successfully built their own R&D teams and obtained necessary licenses, LeTV has struggled to deliver on its promises. Its dream of becoming a major player in the automotive industry continues to face serious doubts.
As the debt crisis deepens, many wonder where the money went and whether LeTV’s car ambitions will ever become a reality.
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