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LeEco

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Not to be confused with Le.com.
Leshi Holding
LeEco
Company typePrivate
IndustryConglomerate
FounderJia Yueting
Headquarters
Beijing
,
China
Area served
Worldwide
Key people
Jia Yueting
ProductsAutomobiles, bicycles, mobile phones, televisions, film productions, virtual reality
BrandsLeMall.com, EcoPass
Subsidiaries
WebsiteUS website
Chinese website

LeEco (Chinese: 乐视生态; pinyin: lèshì shēngtài) is a group of companies founded by Jia Yueting, the founder of Le.com (aka LeTV). The group maintains ventures in consumer electronics, automobiles, film and other business. The holding company of the group is known as Leshi Holding (Beijing) Co., Ltd. (Chinese: 乐视控股(北京)有限公司; pinyin: lèshì kònggǔ běijīng yǒuxiàngōngsī).

LeEco has expanded to countries outside of China, such as the United States[1][2] and India.[3]

History

Le.com, formerly Letv (Chinese: 乐视网; pinyin: lèshì wǎng; lit. 'Leshi Network'), was founded by Jia Yueting in Beijing in 2004 and was the first streaming video company in China to go public. Jia later founded Leshi Holding as a sister company of Letv to provide media content and products that linked to its services. Both Letv services and Leshi products were marketed internationally under the Letv name until January 2016, when media services began under the Le.com name (Chinese: 乐视视频; pinyin: lèshì shìpín; lit. 'Leshi Video') and products were labeled LeEco.

Previous Letv logo, used until January 2016.

In July 2016, it was announced that LeEco would acquire American television manufacturer Vizio for $2 billion. Vizio will continue to be operated as an independent subsidiary in southern California, while Vizio's Inscape Data Services will be spun out into a privately-held company.[4]

LeEco officially expanded into the US market in November 2016, beginning sales of mobile phones, televisions, headphones, and eventually "smart bicycles" on its privately-owned marketplace LeMall (Chinese: 乐视商城; pinyin: lèshì shāngchéng).[5] It previously expanded into India in 2015.

Billionaire CEO Jia Yueting announced in November 2016 stagnation and management problems in a letter to his employees. He plans to invest US$10 million and to reduce his base salary to US$0.15 in order to allow the company to expand into the United States.[6][7] These issues within the company included cutting 10% of its workforce and considering selling non-core business units such as LeSEE and real estate ventures.[8]

In late November 2016, LeEco announcent a partnership with American telecommunications company AT&T to include its Internet-based cable TV streaming service DirecTV Now on LeEco "ecophones" and "ecotvs".[9]

On 1 December 2016, LeEco started selling products in the United States through national retail chains Amazon.com, Target, and Best Buy, as well as continuing sales and after-sales support through its LeMall.com marketplace.

Subsidiaries

LeMusic

LeMusic's (Chinese: 乐视音乐; pinyin: lèshì yīnyuè) establishment was announced in Hong Kong in 2015.[10] Yin Liang (尹亮), core creator of LeEco's music business, was appointed chief executive officer of the new music company, while Lei Zhenjian was appointed chairman. Its model includes a pay-per-view live concert model which has produced over 300 concerts as of 2015.[11]

LeMobile

LeMobile (Chinese: 乐视移动; pinyin: lèshì yídòng), a subsidiary of Leshi Holding,[12] produces high-end smartphones under the LeEco brand. Its most recent smartphones include the Le Pro 3 and Le S3 (known internationally as the Le 2).

On 21 September 2016, LeEco unveiled the Le Pro 3 in China.[13] It went on sale in China and the United States in early November 2016. LeMobile will launch both aforementioned models in India in December 2016.[14]

List of LeEco Smartphones [15][16][17]
Model Code Release date Screen size CPU RAM AnTuTu Expandable

storage

NFC Battery Headphone port
Le 1 X600 5.5" MediaTek Helio X10 2.0 3 GB 58,000 - - 3000 mAh 3.5mm analog jack
Le 1 Pro X800 5.5" Qualcomm Snapdragon 810 4 GB 92,000 - - 3000 mAh 3.5mm analog jack
Le Max X900 6.3" Qualcomm Snapdragon 810 4 GB 82,491 - Yes 3400 mAh 3.5mm analog jack
Le Max Pro X910 2016.01 6.33" Qualcomm Snapdragon 820 4 GB 141,300 - - 3400 mAh 3.5mm analog jack
Le 1s X500 2015.06 5.5" MediaTek Helio X10 2.2 3 GB 57,239 - - 3000 mAh 3.5mm analog jack
Le 1s X501 2015.06 5.5" MediaTek Helio X10 2.0 3 GB 55,198 - - 3000 mAh 3.5mm analog jack
Le 2 X520 2016.04 5.5" Qualcomm Snapdragon 652 3 GB 74,563 - - 3000 mAh USB Type C (CDLA)
Le S3 X522 2016.10 5.5" Qualcomm Snapdragon 652 3 GB 74,563 - - 3000 mAh USB Type C (CDLA)
Le 2 X526 2016.10 5.5" Qualcomm Snapdragon 652 3 GB 74,563 - - 3000 mAh USB Type C (CDLA)
Le 2 X620 2016.04 5.5" MediaTek Helio X20 3 GB 84,000 - - 3000 mAh USB Type C (CDLA)
Le 2 Pro X620 2016.04 5.5" MediaTek Helio X25 4 GB 99,948 - - 3100 mAh USB Type C (CDLA)
Le Max 2 X820 2016.04 5.7" Qualcomm Snapdragon 820 4/6GB 138,000 - - 3100 mAh USB Type C (CDLA)
Cool1 C106 2016.09 5.5" Qualcomm Snapdragon 652 3 GB 77,000 - - 4060 mAh 3.5mm analog jack
Le Pro 3 X720 2016.09.21 5.5" Qualcomm Snapdragon 821 4/6GB 163,594 - Yes 4070 mAh USB Type C (CDLA)

LeSEE

Leshi Holdings[12] set up their electric vehicle branch in January 2015 and launched a concept model with Faraday Future at CES 2016. It also tried to lure in more talents in the field to develop their own products such as hiring Ni Kai (Chinese: 倪凯), who was the former director of Baidu's driverless car project.[18] In April 2016, LeEco presented its very first model of its self-driving car named LeSEE (Super Electric Ecosystem) during a press conference in Beijing.[19]

Its future is uncertain as of late 2016 when construction at the Faraday Future plant in Nevada stopped and suspicions of financial woes within LeEco and Faraday Future rose. LeEco confirmed that capital isn't available to continue construction, but is slated to continue in February.[20]

Film studios

LeEco is the owner of Le Vision Pictures. On 5 December 2015, it was announced that the film studio would be sold to Le.com. As at 8 November 2016, the deal was still in the phase of valuation.[21]

In September 2016 the company announced the acquisition of Dichotomy Creative Group and the creation of Le Vision Entertainment, a US-based film studio.[22]

Vizio

On 26 July 2016, LeEco announced acquisition of California-based consumer electronics manufacturer Vizio, Inc. for US$2 billion.[23][4] The transaction is expected to close during the fourth quarter of 2016.[24][25][26]

LeSports

LeSports (Chinese: 乐视体育; pinyin: lèshì tǐyù) is a subsidiary of LeEco.[27] Established in 2014, Letv Sports Culture Develop Ltd. has raised 800 million RMB (US$128.8 million) in Series A funding, valuing the video-streaming business at 2.8 billion yuan (around US$451.1 million), setting some new records in funding capital and expected market value.[28]

LeSports became title sponsor of the Beijing Wukesong Culture & Sports Center in 2016.[citation needed]

Le VR

Le VR (Chinese: 乐视虚拟现实; pinyin: lèshì xūnǐxiànshí) is a company that invests in virtual reality technology. Its products are currently only available in China.

References

  1. ^ "LeEco to start selling smartphones in the U.S. - leecophones.com". LeEcoPhones.
  2. ^ "Letv plans to invades U.S. smartphone market - CNN.com". CNN. Retrieved 2015-10-29.
  3. ^ "China's LeTV plans foray into Indian smartphone market – Times of India". The Times of India. Retrieved 2015-10-29.
  4. ^ a b Bishop, Bryan (2016-07-26). "Vizio acquired by Chinese tech company LeEco for $2 billion". The Verge. Retrieved 2016-11-30.
  5. ^ "LeEco to enter the USA market this fall". GSMArena.com. Retrieved 2016-11-30.
  6. ^ https://techcrunch.com/2016/11/07/is-leeco-really-in-trouble/
  7. ^ "Chinese Billionaire Cuts Salary to 15 Cents Amid Cash Crunch". Bloomberg.com. 7 November 2016. Retrieved 11 November 2016.
  8. ^ 宋静丽. "LeEco plans to cut 10 percent of workforce - USA - Chinadaily.com.cn". usa.chinadaily.com.cn. Retrieved 2016-11-30.
  9. ^ 张健合. "LeEco partners with AT&T - USA - Chinadaily.com.cn". usa.chinadaily.com.cn. Retrieved 2016-11-30.
  10. ^ "Letv Establishes Music Company". ChinaTechNews.com. Retrieved 2015-10-29.
  11. ^ "Ecosystem | LeEco". LeEco. Retrieved 2016-11-30.
  12. ^ a b "关于相关事项的提示性公告" (PDF). le.com (in Chinese). Shenzhen Stock Exchange. 25 April 2016. Retrieved 29 November 2016. {{cite web}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
  13. ^ "LeEco Le Pro 3 unveiled with Snapdragon 821 SoC, 6 GB RAM and 4070 mAh battery". MobiGyaan.com. 2016-09-21. Retrieved 2016-09-22.
  14. ^ "LeEco to launch Le Pro3, Le S3 in India in December". www.themobileindian.com. Retrieved 2016-11-30.
  15. ^ Kimovil.com. "Compare prices for LeEco (LeTV) smartphones". Kimovil.com. Retrieved 2016-09-08.
  16. ^ "LeEco - Chinahandys.net". Chinahandys.net (in German). Retrieved 2016-09-08.
  17. ^ "【乐Pro3手机】乐视手机Pro3，纤薄长续航-乐视商城". www.lemall.com. Retrieved 2016-09-30.
  18. ^ http://www.allchinatech.com/former-leader-of-baidu-driverless-car-joins-tech-giant-leeco/
  19. ^ Dunne, Michael J. "What You Should Know About Billionaire Jia Yueting's $1.8B Play To Build A Chinese Challenger To Tesla". Forbes. Retrieved 2016-11-30.
  20. ^ 宋静丽. "Outlook bleak for LeEco's Nevada electric vehicle plant - USA - Chinadaily.com.cn". usa.chinadaily.com.cn. Retrieved 2016-11-30.
  21. ^ "关于继续推进重大资产重组事项及后续工作安排说明的公告" (PDF). le.com (in Chinese). Shenzhen Stock Exchange. 9 November 2016 [Written on 8 November 2016]. Retrieved 9 November 2016.
  22. ^ Kilday, Gregg (September 14, 2016). "Adam Goodman, Zhang Zhao Join Forces to Create Le Vision Entertainment". The Hollywood Reporter. Retrieved September 14, 2016.
  23. ^ "澄清公告" (PDF). le.com (in Chinese). Shenzhen Stock Exchange. 14 July 2016 [Written on 13 July 2016]. Retrieved 9 November 2016. {{cite web}}: Unknown parameter |trans_title= ignored (|trans-title= suggested) (help)
  24. ^ Inc., LeEco; VIZIO,. "Pioneering Internet Ecosystem Company LeEco Acquires VIZIO for $2B". www.prnewswire.com. Retrieved 2016-07-26. {{cite web}}: |last= has generic name (help)CS1 maint: extra punctuation (link) CS1 maint: multiple names: authors list (link)
  25. ^ "LeEco + VIZIO = A Perfect Match". Retrieved 2016-07-26.
  26. ^ http://www.twice.com/news/tv/vizio-being-sold-leeco/62292
  27. ^ "LeTV Sports gets EPL rights for Hong Kong". www.chinadaily.com.cn. Retrieved 2015-10-29.
  28. ^ Jin, Ke (March 17, 2016). "LeEco's sports subsidiary may land USD 1.1B in Series B funding". AllChinaTech.com.
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