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Court Seizes Faraday Future Founder’s Assets In China 28
Dec
Posted by Michael Karkafiris in china, Faraday Future, LeEco, Reports on 12 28th, 2017


Faraday Future Jia Yueting’s troubles with the law keep pilling as a court has seized all of his assets it could find in China.

The Beijing First Intermediate People’s Court has seized more than $200,000 in bank deposits and is currently eyeing Jia’s shares in the publicly listed Leshi Internet, as well as two Beijing properties, Bloomberg reports.

The court said that it seized Jia’s assets after agreeing to a demand from a securities firm that claims Faraday Future and LeEco boss owes them more than $30 million.

Jia Yueting has no other bank deposits, housing registration records or automobile registration records that the court can execute upon,” the Beijing court said in its statement. The court didn’t share any details of the securities firm’s complaint except to say it involved an alleged failure to honor obligations.

It’s not clear where Jia is at the moment, with the last report saying that he announced during a Faraday Future meeting that they managed to raise more than $1 billion in financing without giving out the names of the investors.

China’s authorities have ordered Jia to return to the country and sort out his huge debts accrued by his various companies.

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Faraday Future Boss Ordered To Return To China To Pay Off Debt 27
Dec
Posted by Brad Anderson in china, CSRC, Faraday Future, LeEco, Reports on 12 27th, 2017


Faraday Future and LeEco boss Jia Yueting may have recently secured a $1 billion investment for his Californian EV startup but he still has a few personal issues plaguing his business ventures.

Reuters reports that Yueting has been ordered by China’s securities regulator to return to his home country and sort out huge debts accrued by his various companies.

In a notice issued to Yueting late on Christmas day, China said be must return to China by December 31 and “fullfill his obligation” and protect investors’ rights. This notice follows on from a similar request in September for Yueting to pay off his debts but that government order went unanswered.

According to the China Securities Regulatory Commission (CSRC), Yueting’s behavior is hurting his companies.

“Firms you control owe huge amounts to listed companies, which has not yet been returned. This behavior seriously harms the legal rights of listed firms and the personal interests of a wide range of investors.”

A spokesman from LeEco claims Yueting’s behavior won’t have a major impact on the company.

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Chinese Government Blacklists Faraday Future’s Boss Jia Yueting 14
Dec
Posted by Brad Anderson in china, Faraday Future, LeEco, Reports on 12 14th, 2017


Billionaire businessman Jia Yueting has been placed on an online blacklist of credit defaulters by the Chinese government.

Yueting, best known in the automotive world as the primary backer behind Faraday Future and the man behind LeEco, has rapidly expanded his business interests in recent years, branching out into smartphones and even sports broadcasting.

However, Yueting has now been named and shamed by being placed on the blacklist by China’s top court over unpaid debt totaling $72 million, owed to brokerage firm Ping An Securities. In recent times, two units of LeEco have also been blacklisted for unpaid debts. By being blacklisted, Yueting can be blocked from flying, traveling on high-speed trains, and prevented from making large purchases.

The New York Times reports that officials from China have become concerned with the huge levels of debt accrued by local governments, state-run companies, and brash tycoons like Yueting, thus leading to the creation of the blacklist.

This isn’t the first time Yueting has been at the center of controversy regarding his finances. In July, a court in China froze $187 million of the billionaire’s assets due to LeEco’s repeated failure to pay interest due on loans.

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Chinese Court Freezes $182 Million From Faraday Future Backer 7
Jul
Posted by Brad Anderson in china, Electric Vehicles, Faraday Future, LeEco, Reports on 07 7th, 2017


A court in China has frozen $182 million in assets of Jia Yueting, the billionaire founder of LeEco and the major backer of U.S. electric car startup Faraday Future.
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Aston Martin Had To Scale Down Plans For Its First Electric Model 27
Jun
Posted by Michael Karkafiris in ASTON MARTIN, aston martin rapide, Electric Vehicles, LeEco, Reports on 06 27th, 2017


Aston Martin may have confirmed its first electric model, the RapidE for 2019 but the company had to rethink its plans after LeEco pulled out of the project.
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LeEco Has Its Back Against The Wall, May Ditch EV Project In US 26
May
Posted by Michael Karkafiris in china, Electric Vehicles, Faraday Future, LeEco, Reports on 05 26th, 2017


LeEco’s financial woes are well documented so far and the time is approaching for the Chinese giant to make a decision whether they should drop their EV project in the US completely or not.
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Faraday Future Says LeEco Jobs Cuts Won’t Affect It 26
May
Posted by Brad Anderson in Electric Vehicles, Faraday Future, LeEco, Reports on 05 26th, 2017


On Tuesday, the main financial backer of Faraday Future, Chinese company LeEco, slashed its U.S. workforce by 70 per cent. Despite these significant cuts, FF claims that it is unaffected by the layoffs and LeEco’s restructuring.
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Faraday Future Looking To Raise $1 Billion As Main Backer LeEco Struggles 25
May
Posted by Michael Karkafiris in china, Electric Vehicles, Faraday Future, LeEco, Reports on 05 25th, 2017


Faraday Future is reportedly looking to raise $1 billion in a bid to protect itself from the financial problems of its main backer, Chinese tech giant LeEco.
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Faraday Backer LeEco Slashes U.S. Jobs 24
May
Posted by Brad Anderson in Autonomous, Electric Vehicles, Faraday Future, LeEco, Reports on 05 24th, 2017


Chinese company and financial backer of Faraday Future, LeEco, has slashed 70 per cent of its workforce in the United States.
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Faraday Future Loses Global CEO Days Before CES 30
Dec
Posted by Brad Anderson in CES, Electric Vehicles, Faraday Future, LeEco, Reports on 12 30th, 2016


The global chief executive of Faraday Future has stepped down from his position just days before CES 2017 kicks off.
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LeEco Breaks Ground On $3 Billion Chinese Electric Car Factory 30
Dec
Posted by Brad Anderson in china, Electric Vehicles, LeEco, Reports on 12 30th, 2016


Chinese automaker LeEco has broken ground on its $3 billion electric car factory in China.
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LeEco And Faraday Future Owners Running Out Of Cash 11
Nov
Posted by Bogdan Zoltan in Autonomous, china, Electric Vehicles, Faraday Future, LeEco, Reports on 11 11th, 2016


LeEco is currently facing financial difficulties due to their rapid expansion in various businesses, but what does this mean to the automotive industry?
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Faraday Future Strikes $2.4 Billion Battery Deal For China’s Tesla Rival 22
Sep
Posted by Brad Anderson in Electric Vehicles, Faraday Future, Korea, LeEco, Reports on 09 22nd, 2016


Faraday Future is believed to have struck a $2.4 billion deal with battery supplier LG Chem.
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Faraday Future Secures $1.08 Billion For Electric Sports Car Development 21
Sep
Posted by Michael Karkafiris in china, Electric Vehicles, Faraday Future, LeEco, Reports on 09 21st, 2016


LeEco, the Chinese company behind California-based Faraday Future has raised $1.08 billion to develop an electric sports car which will probably be inspired by the insane FFZERO1 concept.
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LeEco Confirms New Electric Car Factory In China 16
Aug
Posted by Cristian Gnaticov in china, Electric Vehicles, LeEco, Reports on 08 16th, 2016


From smartphones to intelligent TVs, Chinese tech giant LeEco is now preparing to enter the world of car manufacturing.
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