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Baidu’s JV with Geely becomes the latest Chinese EV maker struggling with money problems
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TechNode
Major shareholders Baidu and Geely might also stop funding the development of the three-year-old startup, the report said.
Jiyue reported deliveries of 2,485 cars last month, bringing its total delivery count for the year to just over 14,000 units.
This was followed by the launch of the Jiyue 01, the brand’s first model, with a price range between RMB 249,900 and RMB 339,900 ($34,148-$46,446) last October.
Jiyue announced an aggressive price cut by RMB 30,000 for the car a month later.
Baidu and Geely’s joint brand is the latest Chinese electric vehicle maker to struggle with money problems, having been unable to lock in new investors while owing suppliers and vendors hundreds of thousands of RMB.
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