Ding Lei, co-founder of the auto unit of Chinese technology firm LeEco, announced plans on Monday to resign for health reasons, according to a post on his Weibo account.
He noted that he will still be a strategic consultant for the company's research department and support the auto business.
Ding also said in the post that he hopes that the auto unit will soon see mass production.
The company is looking to sell a US Silicon Valley property less than a year after buying it from Yahoo Inc, Reuters reported on March 17, citing inside sources. This is the latest effort by the company to address its cash position.