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LeEco hits troubled waters, Tesla rival delayed

LeEco hits troubled waters, Tesla rival delayed
Omkar Thakur Omkar Thakur Friday 30 June 2017, 18:37 PM

For once it seemed as if Elon Musk had competition when LeEco revealed their electric supercar, the LeSee. But it seems that the Chinese conglomerate grew too fast for its own good and in spite of the latest billion dollar funding, it still faces a cash crunch.

LeEco’s founder and CEO, Jia Yueting, said that he expected the $2.2 billion investment from Chinese real-estate giant Sunaco would be help it weather the storm, but apparently, the revenue models haven’t lived up to their potential leaving the tech-giant in a fix.

This is also the reason why LeEco pulled out of the Aston Martin RapidE project to build an all-electric luxury GT. While the project hasn’t been scrapped completely, the earlier expectations of a series production has been turned into a rare limited-run electric grand tourer.

LeEco’s automotive arm is said to be the primary source of the financial troubles and is still seeking to complete its round-A of funding so that it can begin production of the LeSee electric car. The financial troubles may delay the arrival of the Tesla rival, but we will certainly get a taste of its potential with the Aston Martin RapidE.

 

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