LeEco aligns with Make in India with its first local manufacturing facility inaugurated by Union Minister Ravi Shankar Prasad
LeEco announces crossing 1 Million Superphones Milestone in India in 8 months
New Delhi, August 30, 2016: Today is a double celebration for LeEco India. Within just 8 months of operations in India, the global internet technology conglomerate proudly announced the launch of its first state-of-the-art smartphone manufacturing facility in Greater Noida, India. This swift alignment with the Government’s Make in India initiative is a reaffirmation of LeEco’s commitment to India and its long-term plans for the country. The facility has been set up at a significant investment of 5 million USD and a further 2 million USD has been earmarked for the automation process.
The technology giant has collaborated with leading electronics manufacturer Compal Electronics to set up this facility in the country. The ceremonial lamp lighting to signify the official launch of plant operations was commenced by The Hon’ble Union Minister for Electronics & Information Technology and Law & Justice, Shri Ravi Shankar Prasad in the presence of Atul Jain, COO of Smart Electronics Business for LeEco India.
At the Inauguration, the minister said, “With the objective of making India the manufacturing hub for electronics, the Indian Government has undertaken various initiatives to create a conducive businesses environment. As the market size for electronics is expected to grow to US$400 billion by 2020, it is imperative to promote indigenous manufacturing. LeEco is a name of global reputation and it is heartening to see it align with “Make in India” just after entering India eight months earlier. We laud their efforts of training local talents and building a center of R&D excellence in the country.”
Along with this major development, LeEco also announced another milestone in its India journey – crossing the 1 million sales volume for smartphones in India. This is a commendable achievement for LeEco, zooming from zero to 1,000,000 in under 8 months. LeEco has a strong portfolio of Superphones in India, several of which have been “flagship killers” and outperformed other established brands in the same segment. This is also a testimony to the strong bonds that LeEco has created and nurtured with Indian consumers.
Tin Mok, Vice President of Le Holdings and CEO of LeEco Asia Pacific said, “India is top priority in LeEco’s global expansion roadmap. Our investments here – be it our manufacturing plant or our R&D centre that will train hundreds of local talents – all demonstrate that we are here for the long haul. Our ultimate objective is to offer our users more and more locally manufactured products that are customized to Indian consumers’ needs. We have a strong R&D team in India and plan to add over 1,000 engineers to it by the next year, which we intend to leverage for designing and developing products that resonate even better with our users here and also in overseas markets.”
Present at the momentous occasion, Atul Jain, COO of Smart Electronics Business at LeEco India said, “This indeed is a historic moment for us as we translate our intent of aligning with the Government’s Make in India initiative with investment and other commitments. We are proud to have established our local manufacturing facility within 8 months of entering the country, which is well ahead of schedule. Also, the 1 million milestone marks our strong mobile phone presence in the Indian market and we hope to continue catering to the growing demand of users with our locally produced Superphones. We would also like to thank our consumers on this occasion for their constant feedback and support which has helped us in no small measure to grow at this scorching pace in India.”
Based in Greater Noida, the facility is spread over an area of 200,000 sq. feet and has a capacity of producing close to 60,000 phones per month initially. LeEco plans to rapidly ramp up the production to approximately 200,000 Superphones per month by the end of 2016. This facility will now ensure that users get the same quality of products manufactured locally at better price. LeEco is already employing close to 200 skilled employees at the facility and as it scales up manufacturing, it plans to ramp up this number significantly. This initiative will be key to fostering innovation, protecting intellectual property and enhancing skill development.
LeEco entered the Indian market in January 2016 and took it by storm. The company has launched five Superphones, its LeEco membership of content and internet services, its e-commerce platform LeMall and most recently its SuperTVs – the Super3 Series. The Superphones have made an enormous dent in the market and the 1 million milestone speaks for their growing popularity. To celebrate this occasion, LeEco will be offering highly attractive “Le Million Joy” package for Indian users from August 30 to September 1st, available both on LeMall and Flipkart.
LeEco, formerly known as Letv, is a global pioneering internet and technology company with multiple internet ecosystems across content, devices, applications and platforms. Founded in November 2004 by Jia Yueting and Liu Hong, LeEco employs more than 14,000 people and is the world’s first video company to go public with a market capitalization of more than $12 billion USD. Headquartered in Beijing, China, it has regional headquarters in Hong Kong, Los Angeles and Silicon Valley.
With “Breakthrough Technologies, Comprehensive Ecosystem and Disruptive Pricing” as the guiding principle, LeEco is engaged in a myriad of businesses, spanning from Internet-based Super TV and Superphones, video production and distribution, smart devices/accessories and large-screen applications, to e-commerce and even connected super-electric cars. The company also features one of the world’s largest content libraries, comprising of movies, TV dramas, entertainment shows, sports and music, which can be conveniently viewed on LeEco products, including the Superphones, Super TVs, and in the near future, Le Autos. Breaking the barriers of industries, LeEco provides personalized products and services for an enhanced user experience at disruptive prices.