LeTV Supports Faraday Future To Give Tough Time To Tesla

10 Nov

LeTV Supports Faraday Future To Give Tough Time To Tesla

The Chinese billionaire and LeTv Chairman, Jia Yueting, is supporting an organization against Tesla Motors.

A Chinese tycoon is supporting an organization against Tesla Motors. People have recently speculated who is behind the mysterious powered car manufacturer, Faraday Future. Whereas some believe it to be Apple’s electric vehicle project, which is unlikely. More certain signs indicated that LeTV is supporting the newly introduced enterprise.

Tesla news exclaimed that for one, LeTV’s Chairman Jia Yueting previously compared Hitler to Apple on his authorized Weibo page. For another, various media companies have pointed out that in 2014, Yueting was licensed to manufacture an electric vehicle that would compete against Tesla. “This is our dream and passion”, Yueting spoke to Bloomberg about his proposal to manufacture powered automobiles in 2014. “Look at China’s skies, all responsible corporate citizens want to do something about it. This is the truth.”

As per reports, China’s billionaire cashed $1.2bn of his own stock in LeTv and lent it back to it, supposedly to finance the new powered car-manufacturing venture. The concept in those days was that the Asian organization would be manufacturing a “reasonably priced” Internet driven smart automobile in the second largest economy. Since then, the Beijing-based enterprise has poached competent engineers from Tesla and other American organizations.

Further research links the Chinese film producer Chaoying Deng as the CEO for the organization. According to LinkedIn, Chaoying is the director of Le Vision Pictures, which is an associate of LeTv. A quick inspection of “People Also Viewed” on the b2b social networks includes General Manager at Zapple New Energy Vehicle Company, Tony Nie. Zoom Info has mentioned Nie as a “senior vice president” serving at the Faraday’s office in Gardena.

Several evidences revealed that the Asian tech company is supporting Faraday. So why is it dodging? Tesla news today says it might have to do something with the means by which it aims to promote its automobiles. According to a source aware of the matter, the new car wants to be witnessed as a USA-based Tesla competitor. “Chinese people don’t want to buy Chinese products”, a source informed TechCrunch.

Nevertheless, there are some management issues. Tesla Motors news reported that Faraday aims to launch an automobile rival of Model S in 2016. Its price would be around $100,000, which is higher than that of Model S that is offered for $70,000. Some workers neither disagree with the higher level of price nor do they agree with the direction in which the organization is following.

Faraday declined to report any update on the price and release of the car. Inevitably, a high rise in competition is expected in the future. It could be assumed that the billionaire’s support would play a key role in posing a threat to Tesla in the automobile market.

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Posted by on November 10, 2015 in Technology, Tesla Motors


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