Baidu-backed Chinese EV maker Jiyue to cut operations, payroll to survive brutal race

South China Morning Post12-12

Jiyue, a premium electric vehicle (EV) maker backed by Chinese search-engine firm Baidu, will downsize its operations while pursuing fresh capital to withstand vicious competition. Projects that do ...

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So far this year, the company sold a total 14,000 units. A carmaker that deliv","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4504":"桥水持仓","BK4548":"巴美列捷福持仓","BK4514":"搜索引擎","LU0173614495.USD":"富达中国焦点A","LU0359201612.USD":"贝莱德中国基金A2","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","BK4531":"中概回港概念","BK4585":"ETF&股票定投概念","SCMP":"Sucampo Pharmaceuticals","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4587":"ChatGPT概念","LU0640798160.USD":"EASTSPRING INVESTMENTS GLOBAL EMERGING MARKET DYNAMIC \"A\" (USD) ACC","LU1115378108.SGD":"Eastspring Investments - Global Emerging Markets Dynamic AS SGD","BK4535":"淡马锡持仓","BK4077":"互动媒体与服务","BK4588":"碎股","BK4579":"人工智能","BK4526":"热门中概股","BIDU":"百度","BK4552":"Archegos爆仓风波概念","BK4574":"无人驾驶","LU0287142896.SGD":"Fidelity China Focus A-SGD"},"translate_title":"百度支持的中国电动汽车制造商极越将削减运营和工资以在残酷的竞争中生存","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SCMP":1,"BIDU":1},"content_text":"Jiyue, a premium electric vehicle (EV) maker backed by Chinese search-engine firm Baidu, will downsize its operations while pursuing fresh capital to withstand vicious competition.\nProjects that do not improve the company's financial health will be scrapped, and some business units will be merged to avoid redundancy of human resources, the Shanghai-based carmaker said in a statement on Wednesday.\n\"We will make all-out efforts to focus on our goals to improve efficiency in operation and management,\" the statement said. \"All measures will be taken to adapt to the new situations amid the rebirth of the company.\"\nDo you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.\nThe statement came after speculation on social media in mainland China that Jiyue had edged closer to liquidation due to poor sales in the world's largest EV market, which is crowded with more than 50 major players.\nIn a letter to employees on Wednesday, CEO Xia Yiping admitted that the company was under pressure to stay afloat, and said that a drastic revamp of existing operating units would be pivotal to Jiyue's fate.\n\"The management will do its best to overcome difficulties,\" he said in the letter seen by the Post. \"The restructuring plan has received full understanding and full support from the shareholders.\"\nThe CEO did not elaborate on which business units would cease or how many employees would be affected.\nJiyue, formerly known as Jidu Auto, was established by Baidu and Geely, owner of Volvo Cars, in 2021. Baidu owns 55 per cent and Geely owns 45 per cent.\nIn November, Jiyue delivered 2,485 vehicles to mainland customers, down 20 per cent from a month earlier. So far this year, the company sold a total 14,000 units. A carmaker that delivers more than 10,000 vehicles a month is viewed as a strong contender in the country's automotive sector.\nAt present, Jiyue assembles and markets only one model, its fully electric Jiyue 01 sport-utility vehicle, which debuted at the end of 2023. In August it announced a second model, the Jiyue 07 sedan.\nJiyue's restructuring makes it the second Chinese EV builder this month to take drastic measures amid worsening financial conditions.\nLast week, the founder and chairman of Shanghai-based EV start-up Hozon New Energy Automobile told employees in a letter that the carmaker would undergo optimisation and reorganisation, as well as efforts to simplify its management structure, to brave rough weather as competition escalated.\nFang Yunzhou did not elaborate on details of the lay-offs, but said they were necessary to \"establish a new Hozon\", adding the company was determined to launch an initial public offering in Hong Kong despite cash-flow problems.\nSales of pure electric and plug-in hybrid cars on the mainland accounted for 65 per cent of the global total in the first half of 2024, according to the China Passenger Car Association.\nThe China Association of Automobile Manufacturers expects mainland EV deliveries to exceed 11 million units this year, accounting for about 55 per cent of the country's total EV production capacity of 20.2 million units - nearly unchanged from a year earlier.\nThis article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2024 South China Morning Post Publishers Ltd. All rights reserved. \nCopyright (c) 2024. South China Morning Post Publishers Ltd. 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