Okay I'm almost sure this company is one giant scam to use VC money and debt (never to be paid back) to farm American talent/IP. here are the steps.
1. Chinese billionaire wants to start EV company but has zero idea on how to do it. Chinese engineers are not a good/experienced as silicon valley counterparts.
2. Chinese billionaire starts two companies, one in USA, and one in China. only really plans to run Chinese one.
3. Uses seed money to start a debt/VC snowball in US company to fund R&D, actually begins building factory in China. Makes separate holding company for in Cayman Islands for all the IP the American company will produce.
4. Constant teases for future products to keep the debt/VC money pipeline flowing.
5. Company eventually goes under, leaves all the VC investors and boldholders who paid for R&D holding the bag while he takes his IP back to China to run LeEco. In the end he gets IP/R&D for pennies on the dollar because the VC investors and bondholders paid for it and got bankrupted in return.