LeEco reduces 85% of the Indian unit and can leave the country
In mid-January we reported that the company LeEco raised $2.2 billion investment, however, significantly improve their status, the company failed.
First funded Future Faraday has stated that it plans to release two models of electric vehicles instead of seven. Now it became known that LeEco can leave the Indian market, to which it came only a year ago.
According to sources, LeEco fired 85% of the employees who worked in India, including two managers of large areas. We also learned that last year LeEco spent $ 12 million just for advertising its devices in India, where they didn’t sell as well as expected.
Executive Director LeEco India Alex Lee (Alex Li) confirmed that the company left the two high ranking officers, but he denies the rumors that LeEco will leave the market of India.