SHANGHAI (Reuters) - China's Leshi Holdings said on Tuesday it had secured commitments for $600 million to support its automotive unit and LeEco high-tech business, which has been grappling with a cash crunch.
In a statement sent to Reuters, Leshi said the fund commitments came from more than 10 Chinese companies. An initial tranche of $300 million would be delivered by the end of the month and be invested in the auto business and LeEco Global, it said.
LeEco, which has invested in high-tech products from electric cars to smartphones, was facing a shortage of cash and suffering from expanding too fast and in too many directions, its chief executive told staff in a letter last week.
(Reporting by John Ruwitch and Samuel Shen; Editing by Clarence Fernandez)