Chinese company and financial backer of Faraday Future, LeEco, has slashed 70 per cent of its workforce in the United States.
CNBC reports that the company’s current U.S. workforce once sat at about 500 staff and that 325 of those lost their jobs on Tuesday after widespread job cuts coming in the midst of a company-wide restructuring follow severe cash issues.
LeEco’s U.S. staff first received word about potential cuts after being asked to attend meetings at the company’s locations in San Diego, Santa Monica and San Jose on Tuesday morning and were given the grim news shortly after.
Under its new strategy, LeEco will shift focus to Chinese-speaking households in the U.S. and encourage them to watch its Chinese content library which has been referred to as the ‘Netflix of China’.
No details have been given about whether LeEco will continue to back Faraday Future and/or push forward with its own autonomous car goals.
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