LeEco may not be around in the US for much longer - the company's big attempt to make a name for itself here seems to have failed. The firm, which has had its sites set on a broad range of businesses from electric cars to streaming video, bought the property for $250 million past year from Yahoo Inc., Reuters said. At the company's United States launch event in October, CEO Jia Yueting said the property "will be an EcoCity that houses 12,000 employees". In November, chief executive Jia Yueting wrote in a letter to staff that the firm was rapidly running out of cash due to a "weak capital structure", and partially blamed the crisis on expensive ventures such as its electric auto unit.
The previous month, the company had made a big splash hosting its official US launch at the Palace of Fine Arts in San Francisco. The company also did not reveal its intention with the land, but its website shows that Genzon is looking to construct a 140,000-square-meter office building within Silicon Valley named Burlingame Point. When Reuters requested a comment from LeEco, the response was, "We are not yet ready to share plans for the land as we are still in the initial planning phase".
According to Reuters, the Silicon Valley site, dubbed as EcoCity, was part of LeEco's ambitious plans to expand its footprint to the US.
LeEco apparently expanded at a rapid rate previous year and it seems that their rate of expansion has failed to match up with its revenue scale.
Back in January, Jia said that the financing problems of LeEco would be solved in three to four months. It is company policy not to quote numbers upon request as "headcount changes routinely due to additions and/or departures", LeEco said. The company said earlier this month that it had also cut nearly 80 percent of its workforce in India.
The expensive dream of developing luxury electric vehicles by LeEco uses Faraday Future technology, which is a startup in United States funded and controlled by Jia. The conglomerate was able to secure a $2.2 billion capital injection from property developer Sunac China Holdings.
Recently, the luxury electric auto startup said it would have to scale back the size and production volume of its plant that it still has to build in North Las Vegas, Nev.
Enjoy the magical vernal equinox! While it is already meteorological spring , most consider spring to begin on the Spring Equinox. There's always someplace where the sun is directly overhead, but it only occurs exactly at the equator on the equinox.
It's only been invoked once since North Atlantic Treaty Organisation was started; that was after the terrorist attacks on 9/11. All we did was quote a certain very talented legal mind who was the one responsible for saying that on TV", Trump said .
City are 12 points behind leaders Chelsea and two behind second-placed Tottenham Hotspur while Liverpool are a further point back. With Boro I'm thinking its the old give a team an excuse to lose and they will so wanted something from Utd.
Some of the material sent back to Earth via the Dragon will undoubtedly shed light on the progress of these important studies. SpaceX and Boeing are now working towards building spacecrafts for manned-missions, according to a space.com report.
That's the challenge for the group to get there and make sure when they're batting in those scenarios they go big, bigger. With a minimum 540 deliveries to face, and already two down, the bottle of the Australian batting will be sorely tested.
Evolocumab is part of a new class of drugs called PCSK9 inhibitors, which are monoclonal antibodies that help lower cholesterol. The company said it plans to begin enrolling patients in a pivotal Phase III study for the drug, inclisiran, later this year.
Sporting Gijon scored three goals in an eight-minute span to beat Granada 3-1 and climb to within five points of Leganes. Malaga's woes continued as they were held to a goalless draw by struggling Leganes at the Butarque.
East Midlands property prices are up by 2.1 per cent this month and 5.7 per cent year-on-year - higher than any other region. The figure stands only £363 below a record high of £310,471, recorded in June past year .
Saha, who hit seven fours and a six, soon followed his overnight partner after falling to left-arm spinner Steve O'Keefe. India , on the other hand, can strengthen their grip on this Test match if they can manage to dismiss Smith.
Prime Minister Nawaz Sharif on Monday ordered to reopen the Pak-Afghan border immediately, according to local media reports. The Torkham and Chaman crossings are major arteries for $1.5bn in trade and commerce between the two neighbours.
20 students killed by tree at waterfall bathing pool
Meanwhile, Minister of Tourism, Arts and Culture, Catherine Afeku, has offered her condolences to the families of the victims. He said 11 people were receiving treatment, including one of the school administrators in charge of the trip.
NCAA Tournament: Previewing Sunday's games
Isaiah Hicks scored six points in the winning spurt, sending North Carolina to the Sweet 16 for the 22nd time since 1985. We'd have bad dry spells, we'd miss dinks, we'd stop rebounding , and then it takes away our energy defensively.