Founding Team Of LeEco’s Yidao Yongche Resign As Internal Strife Escalates

The founding team of LeEco-controlled chauffeured car service provider Yidao Yongche have resigned en masse, as internal strife between LeEco and Yidao's original management team escalates amid a cash crunch at both companies.

Zhou Hang, founder of Yidao, left the company to join Shunwei Capital two weeks ago. In a joint statement released last night, Yang Yun and Tang Peng, both co-founders, joined Zhou Hang in a resignation letter released to the public.

Drivers, suppliers and partners have complained that it takes months to get paid by Yidao. As a result, during the past week hundreds of drivers surrounded Yidao's headquarters and offices in Shanghai to ask for overdue payment, as rumors of Yidao's bankruptcy began to spread.

Yidao said in an official statement that the company is operating properly and LeEco will ensure Yidao's funding is sufficient to make ...

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