LeEco apparently failed in the US

LeEco is a big name in China and, back in October, it officially entered the US market. The plan was to launch an entire ecosystem of products in the country, including cloud storage, streaming video, smart TVs, smartphones, and even smart bikes. Sadly, recent reports claim that the company's plans for the US market are not unfolding as anticipated.

Back in 2016, LeEco acquired a 49-acre property in Silicon Valley from Yahoo for around $250 million. Now, unconfirmed rumors claim they are in advanced talks with Chinese developer Genzon Group, who agreed to pay $260 million for it. Even more, it looks like LeEco has already cut its US workforce in half. Now, the company has around 500 employees in the US, far less than the 12,000 originally planned to work at the Silicon Valley location.

Last summer, LeEco spent no less than $2 billion for TV maker Vizio and that brand seems to hold its ground for the time being. In the long run, LeEco might bounce back in the US, but for now, it looks like the initial landing has failed.

However, the company still has to confirm these reports, so all the above should be taken with a grain of salt at this stage.