Evergrande Health buys 45% of EV maker Faraday Future
Faraday has found yet a new future as Hong Kong’s Evergrande Health Industry Group acquires a 45 percent share in the EV startup for $1.2BN. Evergrande will buy the stake off Season Smart, that had promised to invest 2BN dollars into FF.Weiterlesen
Court seizes assets of LeEco founder Jia Yueting
After facing a lot of trouble regarding its companies, Jia Yueting is currently confronted with even worse news: The founder of LeEco and U.S. start-up Faraday Future once stepped forward to challenge Tesla – now, a court has seized all of his assets due to outstanding debts.
Jia Yueting, Hubertus Troska.
“My resignation as CEO was in order to put the whole of my effort towards getting FF91 onto the market as soon as possible.”
Jia Yueting, founder of struggling LeEco has resigned as chair in order to focus on Faraday Future and its self-driving car in the States.
“By 2025, [China] will [account for] a substantial share in global sales of Mercedes-Benz electric vehicles. Therefore, local production will be key to the success of our EVs and crucial to flexibly serving local demand for electric vehicles. With our planned localization of BEVs and batteries with Chinese cells, we are dedicated to strengthening the region as an innovation hub for the automotive industry.”
Shirley Rodrigues, Jia Yueting.
“We are targeting diesel, because 90% of NOx emissions come from road transport.”
Knows Shirley Rodrigues, London’s deputy mayor for environment and energy, who also said “aggressive action” is required to clear the capital’s air.
“The cash problem of our unlisted businesses is far more severe than we expected. The cash situation in the recent months is worse than last year.”
LeEco’s crisis has been made official by CEO Jia Yueting. The financial breakdown had long been suspected and already saw Faraday Future look for funds elsewhere.
Ian Callum, Jia Yueting.
“EVs reset the design rulebook.”
Says Jaguar chief designer Ian Callum. Now that the brand is on the electric route, it has shown much confidence to compete with Tesla in the premium segment by 2018.
“We successfully raised $1.08 billion two months ago, and recently another $300 million.”
LeEco vice president Jia Yueting assures that the electric car project is moving ahead despite the company’s financial problems. He added that partners from the automotive sector would be welcome.
Hiroto Saikawa, Jia Yueting, Andy Palmer.
“From 2020 to 2025, we foresee an age of electrification. No carmaker will avoid EVs. Toyota does what we assumed it will be doing. Whether you have EVs or not will no longer be competitive argument.”
Nissan’s Chief Competitive Officer Hiroto Saikawa comments on Toyota’s entry into the EV market and called it a “a natural consequence.”
“We are starting to see signs of big company disease, such as low individual performance and organisational redundancies.”
This is from a letter that Jia Yueting, CEO of LeEco, wrote to his staff. He announced cost cuts. Investors had feared that the company was spreading too thin before.
“There is a space clearly above Tesla that today nobody exists in.”
Elon Musk, Jia Yueting, Thierry Viadieu.
“With something like the Model 3, it’s designed such that roughly half the people will be able to afford the car. Then, with fourth generation and smaller cars, we’ll ultimately be in the position where everyone will be able to afford the car.”
Tesla CEO Elon Musk spoke at the Future Transport Solutions conference about the EV maker’s future and its approach of a truly affordable Tesla.
evannex.com (with video)
“EVs for us are just another screen. We see cars in the future as an extension of the internet, another entry point for us to sell web-based content and services.”
Billionaire entrepreneur and LeEco CEO Jia Yueting is not planning on making money by selling cars, but by selling content and services through connected EVs that he previously said, could one day be offered for free.
“Maybe they could buy Tesla. On one hand they have a lot of money to do so. On the other if they analyze what becoming an automaker means, they will think twice. This business is very tough. Someone said to me recently, in ten years you will still be in the automotive business for sure. Google and Apple may not be interested anymore.”
Renault executive Thierry Viadieu does not expect Google and Apple to be in the automotive industry long-term. He is still unclear about what Apple could want from the industry, apart from partnering up with a popular company like Tesla.
Jia Yueting, Benjamin Sovacool.
“Our cars’ pricing model will be similar to pricing models for cellphones and TV sets we sell today.”
Jia Yueting, co-founder and head of LeEco, said at the unveiling of the all-electric concept car LeSee that his cars will one day be offered free of charge. He aims to make money with content and services that can be sold through connected cars instead.
“Moving to a new, cleaner energy system would require significant shifts in technology, political regulations, tariffs and pricing regimes, and the behaviour of users and adopters.”
Professor Benjamin Sovacool, Director of the Sussex Energy Group at the University of Sussex, comments on a new study done by the University of Sussex that predicts that fossil fuels could be a thing of the past in the next decade – if the right measures are put in place.
Jia Yueting, Formula E.
Reading tip: The Guardian takes a closer look at Chinese billionaire Jia Yueting, CEO of LeEco and owner of Faraday Future. And it seems he also wants to get his hand on the California start-up Atieva, since it holds patents for electric drivetrains and batteries. And what role do BAIC and the American-Chinese company NextEV play?
Click tip: Mahindra Racing and Pininfarina presented three concept designs for a possible Formula E racer. This comes after the FIA issued a tender for the design and manufacturing of the chassis to be used from season five onward. Which one do you prefer?
Sergio Marchionne, Toshihiro Mibe, Jia Yueting.
“Everybody has had these wonderful ideas about the fact that battery costs per kilowatt hours would drastically drop … we haven’t seen it yet; I think it may be overly optimistic.”
Fiat Chrysler CEO Sergio Marchionne is his usual self here, who puts electric cars not high on his agenda. However, the sceptic has come round to accept hybrids and predicts “most of the fleet to go hybrid by 2023.”
“Electrification is costly technology to pursue, but manufacturing costs … are coming down fast and we will hit a point soon where costs for electrified cars will be cheaper than for diesel cars.”
Honda Motor operating officer Toshihiro Mibe believes “diesel is not going to play a role at all” in lowering emission standards beyond 2020. By then, maybe hydrogen will.
“LeTV’s idea about car differs from that of Tesla.”
Says Jia Yueting from LeTV, who went on to explain that the internet firm aims for the “creation of a brand new blueprint for city transport system” and not individual transport.
Jia Yueting, Greg Bryant.
“We don’t only want to challenge Tesla, we will do better than them.”
That is the mission of Jia Yueting, Chairman and President of Leshi Internet Information & Technology. The company plans to start manufacturing electric cars in China.
“If there is not enough electrical capacity in the street, the power upgrade may not even be approved.”
Greg Bryant, spokesperson for Master Electricians Australia, is worried about Tesla home charging as the 40 amp load might be too big for most local electricity grids in Oz. Tesla however, was quick to reply that it should not pose a problem in most households, at least not during off-peak hours.