LeEco’s electric car unit Le Supercar gets new CEO

LeEco's new Le Pro3 phone is on display during a press event in San Francisco, California, U.S. October 19, 2016. RETUERS/Beck Diefenbach/Files

Chinese tech giant LeEco has appointed Zhang Hailiang to head the electric car affiliate Le Supercar after its co-founder and CEO Ding Lei stepped down citing personal health issues.

According to a China Money Network report published on Tuesday, the firm also hired Niu Shengfu, a former executive from SAIC Volkswagen in China, as Le Supercar’s chief operating officer.

Prior to the recent appointment, Zhang was the president and chief operating officer at Le Supercar.

Ding Lei, who disclosed his departure on his Weibo account, according to the report, also said that he will continue as a strategic consultant at Leshi Internet Ecosystem Research Institution, established by LeEco, to study the theory and practical applications of the interaction between the Internet, economy and society development.

An experienced automobile executive and having served as a China government official, Ding has worked at SAIC Volkswagen and SAIC General Motors. He served in the Shanghai government before joining Le Supercar in 2015.

LeEco was founded by Jia Yueting who also backs US-based electric vehicle startup Faraday Future. Last month, Faraday Futures appointed Deng Chaoying as its CEO, according to a filing, though the company never named an operational executive earlier.

LeEco has been embroiled in financial troubles, according to reports, as the company sold its 50 per cent stake in a Shanghai property to raise additional capital to meet its urgent capital needs. Prior to that, it also got $2.18 billion in January from Sunac China Holdings.

Also Read:

China’s LeEco plans to sell Silicon Valley property amid cash crunch

China: LeEco arm LeSports in talks to raise $438m

Six-hour meeting of Chinese tycoons eases LeEco cash crunch