Jiyue is offering a 3-year interest-free loan program for the Jiyue 01, which it said will save customers up to RMB 23,659.
(Image credit: Jiyue)
The ongoing price war in China's electric vehicle (EV) industry is putting pressure on relatively established players as well as new ones.
Jiyue, an EV maker created by Baidu in partnership with Geely Holding Group, has begun offering customers discounts on loans as part of its response to the price war, though it hasn't lowered prices like many of its peers.
Customers who buy the Jiyue 01 SUV before March 31 will be eligible for a three-year interest-free loan, or a four- to five-year low-interest loan, Jiyue announced today.
For the Jiyue 01 Max, with a down payment as low as RMB 33,000 ($4,590), a 3-year interest-free loan can save customers up to RMB 16,787, the company said.
For the Jiyue 01 Max Performance, a down payment as low as RMB 46,000 and a 3-year interest-free loan can save customers up to RMB 23,659 yuan.
Customers who opt for the 4-5 year low-interest loan program can save up to RMB 14,071 and RMB 19,830 on the purchase of the two models, respectively.
Jiyue, which was renamed from the brand formerly known as Jidu, is a relatively late arriving player in China's EV space.
Geely and Baidu established Jidu as a joint venture in March 2021, which was then 55 percent owned by Baidu and 45 percent by Geely.
In August 2023, Geely and Baidu jointly launched a new brand, Jiyue, which materially replaced Jidu. The operating entity of this new brand is 65 percent owned by Geely, with the remaining 35 percent owned by a Baidu affiliate.
Jiyue officially launched the Jiyue 01 on October 27, 2023, its first model. Deliveries of the model started on October 29 last year.
Jiyue 01 faced intense price war pressure at the time of launch.
The Jiyue 01 Max and the Jiyue 01 Max Performance were priced from RMB 249,900 and RMB 339,900 respectively at launch.
On November 30 last year, Jiyue announced that the prices of both models were cut by RMB 30,000 to RMB 219,900 and RMB 309,900 respectively.
On top of the Jiyue 01, the company is set to launch a second model, which will be the brand's first sedan.
On December 26, Jiyue said its second model is named Jiyue 07 and shared official images.
On January 29, local automotive media outlet Yiche cited Jiyue as saying that the Jiyue 07 would be formally unveiled at the Beijing auto show in April and deliveries would begin in the second half of the year.
On March 4, Jiyue said on Weibo that the Jiyue 07 had completed winter testing at minus 40 degrees Celsius.
($1 = RMB 7.1894)
Baidu-backed Jiyue to unveil 2nd model Jiyue 07 at Beijing auto show
