Jiyue CEO unveiled 4 priorities, including merging positions and cutting projects that won't improve financial performance in the short term.
Baidu-backed Jiyue is making significant changes to its teams and will cut projects that won't improve financial performance as operations face challenges.
Joe Xia, the CEO of the electric vehicle (EV) maker, told all employees today that Jiyue is currently experiencing difficulties and needs to make immediate adjustments, according to an internal letter seen by CnEVPost.
Jiyue will enter the 2.0 phase of its venture and the management is fully committed to working with all staff to tide over the difficulties, Xia said.
He listed 4 priorities for Jiyue in the new phase:
1. Insist on long-term investment in core technologies to maintain the leading edge.
2. Strengthen sales and service capacity building to cope with fierce market competition.
3. Merge departments and positions with duplicated functions and change inefficient internal workflow.
4. Cut down projects that cannot improve financial performance in the short term.
Jiyue, formerly known as Jidu, is a joint venture between Geely and Baidu established in March 2021, which at that time was 55 percent owned by Baidu and 45 percent owned by Geely.
On August 15, 2023, Geely announced that it was launching a new brand, Jiyue, in conjunction with Baidu.
The operating entity of the new Jiyue brand is 65 percent owned by Geely, with the remaining 35 percent owned by an affiliate of Baidu.
On October 27, 2023, Jiyue launched its first model, the Jiyue 01, an all-electric mid to large-size SUV.
On September 10 this year, the Jiyue 07 electric sedan was launched, the second model of Jiyue.
On the first day of the Guangzhou auto show on November 15, it unveiled the Robo X electric supercar, which it says will go into mass production in 2027.
Jiyue delivered 2,485 vehicles in November, down 20 percent from 3,107 in October, according to figures it announced earlier this month. It began publishing monthly delivery figures a few months ago.
“A much tougher battle is on the horizon and our entire management feels both excitement and greater responsibility and pressure on the management side,” Xia said today.
Jiyue's next goals and plans are well understood and fully supported by shareholders, he said.
The company will enhance the efficiency of its operations and management to meet the new requirements of the company in venture 2.0 phase, Xia said.
Baidu-backed Jiyue unveils Robo X electric supercar, production set for 2027
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