By Jon LeSage LeEco’s co-founder has admitted to turbulent financial conditions that may pull back the Chinese technology conglomerate’s plans to compete in electric “supercars” through its LeEco and Faraday Future ventures.
In a letter to employees obtained by Bloomberg News, company co-founder Jia Yueting admitted that the company is running out of cash through its rapid expansion. He apologized to shareholders and pledged to slash his own salary to 1 yuan (15 cents), and to slow down toward a more moderate phase of growth.
“No company has had such an experience, a simultaneous time in ice and fire,” Jia wrote in the letter to
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