LeEco's New CEO Promises Ten Major Reforms to Turn Around Business

Peng Lei, the new chairman and CEO of LeEco, has vowed to introduce ten major reforms to revamp the company's business.

In his first public address since taking office, Peng expressed both emotions - complexity and excitement. After four years of turbulent operations under his predecessor, Peng's tenure is marked by significant improvements in operational management and capital structure, with its stock price temporarily crossing the $1 warning line on several occasions. Major reforms are now non-negotiable.

Peng revealed that the company will launch "Ten Major Reforms" to consolidate LeEco and Foxconn (FX) for a comprehensive overhaul of their business strategies. The focus extends beyond merely surviving, but now encompasses winning in technology, AI, markets, users, capital, and reclaiming trust and respect from stakeholders.

In terms of products, the company aims to integrate FF 91 with FX to quickly tackle the FX three-car model project and target the leading position in the US market for the upcoming 2025 models. The goal is to secure a significant market share after launching FX Super One, thereby reaching an annual sales target of tens of thousands of units within two years of FX mass production.

Further, LeEco's technological push revolves around embracing AI capabilities with its core SuperAI (AIHER) upgrade. This will involve the rapid development and deployment of technologies such as AI-powered driver platforms.