LeEco company is facing financial crisis, they have already started reducing the staffs in India and there is a high possibility that they may exit India. Top LeEco executives from India have already resigned.
As per the report by Economic Times, LeEco has fired 85% staff in India. Delhi and Mumbai offices as of now have minimal staff. LeEco spent too much cash as it expanded their business in India, in fact their advertising budget was much higher than Oppo / Vivo at over Rs. 80 crore per month.
The cash crisis is also attributed to expanding business category i.e. Smartphones to Autos – driverless cars. LeEco India said they are re-calibrating their business operations in India. There is high probability that this company may exit the Indian markets.
As for smartphone users, LeEco will not launch flagship models in India. Hence makes sense to avoid buying the LeEco products. Also avoid buying Coolpad products as that also is part of LeEco company.
Update : LeEco confirmed they are not winding up India operation, but just going slow, reducing staff for now. We will have to wait and see what happens, we will get a better idea probably within 2 to 4 months.
Rubal
Huawei and Nokia would pose danger for cheap chinese garbage for sure in near future. Even Samsung needs to think intelligently. A biggest turning point is very near.
Ashok B
Can someone suggest good Volte update link for Le1s?
chandra
They will come again after financial crysis over. India is a potential country to grow profit on business but they have to step right direction with right management. I guess they will cut some projects on India and their product cost will be little higher. And forget about offline store or outlets those heard earlier from LeEco.