In the history of contemporary Chinese business, there is one person who will eventually be recorded; single-handedly created the LeEco Empire; Covering website videos, mobile phones, TVs and finally LeEco super cars; It has created a complete ecosystem of "platform + content + terminal + application" based on the video industry, content industry and intelligent terminals, and formed a "LeEco model" that has been imitated by many companies.
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At its peak, LeEco's mobile phone and TV sales broke a record, causing thousands of music fans to suffocate together. Now involved in the new energy vehicle track that is already a dispute in the Red Sea, people who believe in him are still praising and paying for his seven years.
The man has been walking for seven years with his car dreams, accompanied by a huge controversy.
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1. Youthful heroes
In February 1973, Jia Yueting was born in a peasant family in an ordinary small village at the foot of Lüliang Mountain in Xiangfen County, Shanxi Province.
The family was average, but Jia Yueting's parents, like many rural parents at that time, went to great lengths to send their three children to university, which was indeed quite rare at that time. In 1995, Jia Yueting graduated from Shanxi Finance and Taxation College. After graduation, he worked as an ordinary network technical administrator at the Yuanqu County Local Tax Bureau. According to limited information, Jia Yueting has done a good job in the unit and has won awards on behalf of the unit. But soon, Jia Yueting resigned.
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In 1996, Jia Yueting founded Shanxi Yuanqu County Excellent Industrial Co., Ltd., with a registered capital of 500,000 yuan, Jia Yueting contributed 200,000 yuan, and a man named Li Li also contributed 200,000 yuan, which at that time required actual payment, and it was definitely a huge amount. Li Li was Jia Yueting's first wife, and Li Li's father was a local deputy county magistrate.
Fate seems to have begun to favor this rural kid who came out of the cold.
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In 1996, the coal industry was actually not sluggish, in 1998, the entire coal industry entered a period of rectification, and Jia Yueting successively did steel trading and printing; Bilingual training schools have also been established. Until 2022, Jia Yueting terminated all of his previous business, even his family; Established a company called Sibel, engaged in base station supporting equipment business; In just one and a half years, it won half of the business of an operator in Shanxi Province. How an unknown young man won such a big business is still unknown.
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In 2003, Jia Yueting came to Beijing and founded Beijing Siebel, it is worth mentioning that this company was later listed in Singapore, and Jia Yueting held a total of 80.5% of the shares; Until delisting on March 15, 2022. The company sent a lot of money to Jia Yueting in the early days of LeTV.
Second, Jinjing smoke cloud
Next, it's LeEco's story.
After entering two thousand years, video websites rose rapidly, and dozens of Youku, iQiyi, and Sohu came out at one time. Realizing the huge dividends of online video, Jia Yueting founded LeTV in 2004, and in June 2010, LeTV was listed on the Growth Enterprise Market. After that, the peak market value was as high as more than 160 billion, what supported such a high degree of recognition? Let's take a look at the LeEco empire built by Jia Yueting, which really paints a grand blueprint.
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Starting from LeTV video, the first to buy film and television copyrights; At that time, the price was still very cheap, and a TV series was tens of thousands, hundreds of thousands. LeEco took the lead in provoking copyright disputes in the industry, until the sky-high price of 540 million yuan "Ruyi" appeared; It is said that one of the copyrights purchased that year, "The Legend of Zhen Huan", is still sending profits to LeEco to this day; I have to say that President Jia's vision is indeed different from ordinary people.
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The first to open up the industry, the establishment of LeEco Sports. Sports burn money, as long as the funds keep up, the management is relatively simple, and it has indeed gained many young fans; Only later due to financial constraints, the new Premier League rights were not bought; If it can continue to persist until now, it is really a major feature of LeEco.
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The first to establish LeVision Pictures, and the first in the industry. 15 billion to create 53 high-quality TV series, this plan is too ambitious, but also caused a number of traditional film and television companies to look sideways, according to this return on investment, LeTV Pictures is difficult to achieve profitability, although after that, iQiyi, Tencent, Youku and other successively launched self-made dramas, but to this day, it is still a loss state.
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Shocked by the industry, LeTV Super TV was launched, and it was sold at a loss. Jia Yueting's business logic is that I can lose money on hardware accessories, and also send customers one or two years of membership fees, cultivate customer habits, habit formation, and increase market share, which is expected to become a cash cow; I have to say that Jia has a big pattern; Today, a number of manufacturers and video websites are still making great strides according to this model, but selling hardware at a loss, which greatly consumes LeEco's cash flow when membership income has not yet been fed back.
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The last money-burning straw - LeEco mobile phone.
On April 13, 2015, the LeEco super phone in San Francisco was released, which is again the logic of the price butcher; Let Xiaomi and other manufacturers tremble. It is speculated that Jia Yueting also wants to expand revenue first, increase market share, and increase market share through the introduction of more sales entrances, even if the scale is up first, even if it loses money, it can still circulate after all, and there are many channels for later realization, and the imagination space is also large.
However, continuous cash investment, no matter how many concepts, only delays death; Until the launch of LeEco Automobile, LeEco's business empire collapsed.
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Third, the crisis of life and death
In fact, throughout LeEco's several large investments, it seems that they have stood at the forefront of the times, and today, new energy vehicles are hot; Therefore, whether LeEco's growth has not kept up with Jia Yueting's growth, and it is difficult to conclude whether Jia Yueting really has such a vision.
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On January 5, 2016, LeEco announced its important strategic partner FF (Faraday Automobile) in Las Skices, USA, and jointly released FF's first concept car, FF ZERO 1, this concept car has a wheelbase of 2 meters 9, a maximum speed of more than 200 miles per hour, and an acceleration of less than 3 seconds per 100 kilometers. At the beginning, LeEco planned to invest 20 billion yuan, and later added 50 billion yuan.
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But in the short term, the automotive business is unlikely to make any return; This ultimately cost LeEco his life.
In 2017, the LeEco crisis broke out in full force, and on July 16, Jia Yueting issued an article "Jia Yueting - I will do my duty to the end"; Please give your time.
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After that, along with Jia Yueting, it was the dream of "returning to China next week" and "delivering next month" with the complete collapse of the domestic LeTV system.
From expected mass production delivery in 2018 to 2023 today; During the period, it can be seen that Jia Yueting's persistent efforts and struggles to build cars, and the hardships really require strong willpower and firm belief to be supported. Recently, it was reported that Faraday Future is about to be mass-produced and delivered in April 2023, and the time has been delayed by five years, Tesla, NIO, Ideal, BYD, Geely, etc. have attacked the city in a big way, and it is unknown whether Faraday can still have a lead.
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Since ancient success or failure is a hero, whether such a legendary figure is staged the return of the king or the end of the sad end, can only be left to time to verify. Believe in Faraday's competitiveness, and believe that Lao Jia is serious; Otherwise, foreign securities markets and domestic Xu Jiayin and other celebrities will not support it. Excellent people are not much different in wisdom.
This is really an exciting ending story, bless Jia Yueting!