Chinese electric carmaker Jiyue is on the verge of bankruptcy despite investments from technology giant Baidu and automotive conglomerate Geely. The company has struggled with poor sales of its electric SUV and sedan models. Jiyue is facing severe financial challenges, with reports suggesting its CFO has fled to Singapore and a potential financial hole of up to $962 million. Baidu has reportedly declined to invest further in Jiyue.
Baidu and Geely will help compensate workers who've lost their jobs but haven't committed to providing Jiyue with more funding. Over the past year, Jiyue launched an electric SUV and an electric sedan but neither have sold well. Jiyue 's CFO may be hiding out in Singapore with his family.
It’s also experiencing severe financial difficulties, and according to Chinese media, chief financial officer Liu Jining and his family may have fled to Singapore, taking with him the company’s books. It’s also believed Baidu has discovered a financial hole of up to 7 billion yuan that was unaccounted for and opted against investing an additional $412 million in the company. CarNewsChina adds that chief executive Xia Yiping may have significantly overpaid suppliers.
Electric Vehicles EV China Baidu Geely Jiyue Bankruptcy Financial Crisis
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