TechnoclinicTechnoclinic
  • Home
  • APPS
  • CAMERAS
    • PRINTERS
  • GAMING
    • LAPTOPS
  • HDTV
  • NEWS
  • PHONES
    • TABLETS
  • REVIEWS
  • SOFTWARE
  • Contact Us!
Search
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: LeEco in Talks on $1.4 Billion Support, Starts Electric Car Plant
Share
Sign In
Aa
TechnoclinicTechnoclinic
Aa
Search
  • Home
  • APPS
  • CAMERAS
    • PRINTERS
  • GAMING
    • LAPTOPS
  • HDTV
  • NEWS
  • PHONES
    • TABLETS
  • REVIEWS
  • SOFTWARE
  • Contact Us!
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Technoclinic > PHONES > LeEco in Talks on $1.4 Billion Support, Starts Electric Car Plant
PHONES

LeEco in Talks on $1.4 Billion Support, Starts Electric Car Plant

srijita
Last updated: 2016/12/30 at 4:41 PM
srijita
Share
SHARE

LeEco in Talks on $1.4 Billion Support, Starts Electric Car Plant

Cash-strapped Chinese technology conglomerate LeEco is in talks on securing a CNY 10 billion ($1.4 billion) deal with an unnamed strategic investor, its listed unit said.

Leshi Internet Information and Technology said in a filing to the stock exchange late Wednesday that its parent company had signed a framework agreement with the investor and the two sides were still discussing the final details.

It did not disclose the identity of the investor, but the China Business News cited a source familiar with the situation as saying that it was an insurance company.

LeEco has been expanding aggressively in a range of businesses including online entertainment, electric and driverless cars and smartphones, but the firm’s billionare chief executive Jia Yueting warned staff last month that it had grown too fast and was facing cash shortages.

Soon after, the company said it had secured commitments for $600 million to support its automotive unit and LeEco high-tech business.

LeEco also launched a new electric car plant in eastern China’s Zhejiang province on Wednesday, the official China Daily reported.

The newspaper said the first phase of the new factory would cost CNY 11 billion ($1.58 billion) to build and would produce 400,000 e-cars every year.

Following the cash crunch, the firm’s sports broadcasting unit said it would cut 10 percent of its staff and restructure its business.

This week, LeSports still owed as much as $30 million in payments to the Beijing-based Super Sports Media Group, which holds exclusive rights to broadcast English Premier League games in China.
[“source-ndtv”]

TAGGED: $1.4, Billion, Car, Electric, in, LeEco, on, Plant, Starts, Support, Talks

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
srijita December 30, 2016
Share this Article
Facebook Twitter Copy Link Print
Share
Previous Article Apple Device Activations During Holiday Week Soundly Beat Samsung: Flurry Analytics
Next Article Samsung Galaxy A 2017 Series Launch Set for January 5; Fresh Renders Spotted

Latest News

How to Prepare for the Mandatory Windows 11 Upgrade
LAPTOPS
How to Clean Your Flat-Screen TV The Right Way
HDTV
AI and Content Management: How Organizations Can Prepare for the Future
SOFTWARE
What is Application Software: Function and Features of Application
APPS
Case Study: Nissan and Teads’ Immersive Concept Car Campaign Transformed Scrolls into Stories
NEWS
Review of Hootsuite: Advantages, Drawbacks, Features, and Other Options
REVIEWS

Most Viewed Posts

  • Bengaluru Lady Turns Blinkit Conveyance Specialist For A Day And Her Choice Prompted Significant Changes In Application (1,240)
  • Choosing the Right Tablet for Blogging and Writing On the Go (1,159)
  • How to Start a Product Review Blog (Templates & Examples) (1,107)
  • How To Start A Review Blog and Get Free Review Products (1,096)
  • What You Need to Know About Smartphones vs. Tablet use of the Mobile Internet (1,075)

© 2023 TechnoClinic Network. TechnoClinic Company. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?