Chinese company LeEco’s CEO told its workforce that the firm has emerged too rapidly and is short of cash. According to a letter seen by Blookberg News, the company announced its expansion.
The CEO said in the long letter which was sent to employees Sunday, "We blindly sped ahead, and our cash insists ballooned. At the same time, our assets and resources were in fact limited," Bloomberg reported.
He said, in order t focus on its core business the firm would seek to cut costs and curb expansion, after having burned through CNY 10 billion ($1.5 billion roughly ) developing a car. "Our fundraising ability isn't strong," he added.
The company wants to raise its funds because it wants to compete Apple Google in the US market with LeEco Le Pro 3 and LeEco Le S3.
The LeEco Le Pro 3 packs a 5.5 inch IPS LCD with 1080 x 1920 pixels resolution. It runs Android 6.0 Marshmallow with eUI 5.8 UI. Qualcomm MSM8996 Snapdragon 821, and coupled with Quad-core (2x2.35 GHz Kryo & 2x2.0 GHz Kryo). The smartphone comes in two variants one has 32/64 GB storage with 4 GB RAM and the second one has 64/128 GB internal memory with 6 GB of RAM.
There is a 16MP rear camera and 8MP front camera. It supports finger print scanner and fast battery charging (Quick Charge 3.0). The smartphone is available in Rose gold, gold, silver, and gray color options and gets power with a 4070 mAh battery.