Russia welcomes LeEco to enter its market with ecosystem products

Ahead of Russia’s President Vladimir Putin’s State visit to China starting on June 25th, Russia’s First Deputy Prime Minister Igor Shuvalov, who also leads the China-Russia Investment Committee from the Russia side, paid a dedicated tour to LeEco in Beijing on June 24th and tried the internet and technology conglomerate’s ecosystem products, including the most renowned LeSEE electric car, superphones, Super TVs, VR headsets and others.

Shuvalov said Russia is welcoming China’s iconic companies, like LeEco, to invest in Russia, and will provide the best market environment and full support.

This is the same gesture expressed by Russia’s President Vladimir Putin on June 17th when LeEco’s Founder and Chairman Jia Yueting was invited to attend the 20th St. Petersburg International Economic Forum (SPIEF 2016) and made a speech while announcing its strategy in Russia.

Putin expressed his appreciation and support for LeEco’s plans in Russia, and added that there will be more favorable investment environment to support the company’s development in the future.

During the one-hour visit to LeEco, Russia’s First Deputy Prime Minister Igor Shuvalov and other Russian top officials including Deputy Minister of the Ministry of Economic Development Stanislav Voskresensky, visited the company’s Product Experience center and had a brief meeting with Liu Hong, Vice-Chairman and Co-Founder of LeEco, and other top executives, including LeREE’s President Xu Xinquan.

At the experience center, Liu Hong and Xu Xinquan introduced three LeEco smart terminals-Super TV, Superphones and LeSEE Super Car, and its renowned content ecosystem, together with its VR devices and gaming accessories.

Shuvalov expressed special interests to LeSEE Super Car, and even tried the concept electric car model, asking when the car could be off the line.

Shuvalov also tried on the latest version of LeEco’s VR headset and other disruptive ecosystem products.

During the following meeting, Shuvalov showed his recognition about LeEco’s unique ecosystem model and hoped that LeEco would bring its powerful content ecosystem, products and services to Russia, for which the Russian government will provide strong policy supports and create better investment environment.

In three to five years, LeEco plans to invest USD50-100 million into Russia and aims to bring the comprehensive ecosystem to the country. With an enormous base of internet users, Russia will become one of LeEco’s significant and strategic markets in its global expansion plan.

In China, LeEco’s Super TV successfully secured the position of market leader in smart TV industry. In the realm of smartphone, LeEco has recently become the largest shareholder of Coolpad, which implies LeEco has become the top four smartphone brand in China, and its 2017 sales target for smart phone is 100 million unit globally.

LeEco’s industry-pioneering technology and innovations in autonomous driving, and Internet-of-Vehicles (IoV) is also believed boost the development and transformation of Russia’s traditional automobile industry. LeEco established a joint venture with Aston Martin early this year, and works with Faraday Future, a rising electric car company in the United States as a strategic partner.

LeEco is establishing LeREE (LeEco Russia and East Europe), a wholly owned subsidiary in Russia. LeEco had also obtained the exclusive all-media rights to the 2018 FIFA World Cup in Russia, and has reached a four-way agreement with the Institute of Internet Development (IID), Russia Export Center, and JSC Digital TV Network. LeEco has also received exclusive rights to the 2018 Russia World Cup.

2016 has been LeEco’s year of globalization. Since entering India and North America, the Internet and ecosystem giant has indicated several times that Russia, an important hub for its plans in Eurasia, would be its next designation. In recent weeks, the company has been making significant marks in the country.

China and Russia on June 24th pledged to further expand two-way investment cooperation to boost bilateral relations. The pledge came out of the third meeting of the China-Russia Investment Cooperation Committee, co-chaired by Vice Premier Zhang Gaoli and Russia’s First Deputy Prime Minister Igor Shuvalov in Beijing.

The main task of the meeting is to prepare for the investment cooperation to be discussed when the two state leaders meet in Beijing on June 25, according to a press release from the Chinese Foreign Ministry.


Author: Augaritte

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