CEO of Faraday Future’s Backer Steps Down

Chinese billionaire Jia Yueting is stepping down as CEO of Leshi Internet Information & Technology Corp. (LeEco), the internet giant that has backed struggling California-based electric car startup Faraday Future Inc.

Jia, who founded LeEco, will continue as chairman to focus on strategic planning and product innovation. The company’s new CEO is Liang Jun, a former executive at Chinese computer maker Lenovo, who joined LeEco in 2012.

Last year LeEco posted its first operating loss, and trading in the company’s stock has been suspended since mid-April. Jia conceded last November that the company expanded too fast and was running short on cash. LeEco is trying to sell its U.S. headquarters in Silicon Valley for $260 million.

In February Faraday Future scaled back plans for a $1 billion assembly plant outside Las Vegas. The company simplified its ambition product plans from seven models to two and slashed its annual sales forecast from 150,000 EVs this year to perhaps 10,000 vehicles in 2019 or later.