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LeEco's CEO Jia Yueting Says Company Overstretched, Now Running Out of Cash



The billionaire chairman of China’s LeEco

has admitted his technology empire is running out of cash

to sustain a headlong rush into businesses from electric cars to smartphones.


“Our fundraising ability isn’t strong,” Jia wrote. “The scale of our external fundraising had trouble satisfying the demands of our rapid expansion.”


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Edited by laikexpert
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really in trouble?

North American operations lead Brian Hui told the audience at TechCrunch Beijing today
that things aren’t as dire as the letter made them seem. “If you read the letter, it’s not about whether it’s sustainable or not sustainable,”
Hui said of LeEco’s growth. “It’s not about running out of money. It’s how you can spend your money wisely…




Hui also addressed rumors that suppliers for LeEco’s smartphone business had not been paid,
saying that LeEco was not carrying debt to its suppliers. “We will always want to sustain our trust,” he said.
“We still maintain a very good relationship with them.” During the U.S. launch of its smartphone two weeks ago,
LeEco says all of the phones sold in a little over four hours but declined to say exactly how many units were sold.


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