LeEco Founder Resigns, Vows to Focus on EVs

Jia Yueting, the founder and chair of Chinese tech giant LeEco (Leshi Internet Information & Technology Corp.) has resigned all positions with the financially strapped company.

Jia stepped down as CEO in May, and his stake in the video streaming company was seized by the courts last month. He has acknowledged his zeal for expanding the company pushed LeEco into its first operating loss last year and now threatens the viability of its California-based Faraday Future Inc. electric car company.

LeEco’s financial crisis forced Faraday to sharply reduce its product and production plans early this year. But Jia says he still wants to shake up the auto industry by developing a line of mass-market EVs.