According to publicly available information, Zhejiang Jiyue Automotive Technology Co., Ltd. underwent an industrial and commercial registration change on April 21st. The company’s name has been changed to Zhejiang Fengsheng Automotive Technology Co., Ltd., and Taizhou Geely Automobile Industry Co., Ltd. has been added as a new shareholder.
Notably, in October 2024, the company’s name was changed from Fengsheng Automotive Technology Group Co., Ltd. to Zhejiang Jiyue Automotive Technology Co., Ltd. Established in April 2013, the legal representative of the company is Cao Zhenyu, and its registered capital is RMB 2.404 billion. Its business scope includes the retail and wholesale of auto parts, and the sales of new energy vehicles. The company is currently jointly held by Zhejiang Geely Qizheng Automobile Technology Co., Ltd. and the aforementioned new shareholder.
This change signifies a strategic shift for Jiyue’s two existing models, the Jiyue 07 and Jiyue 01, from the high-end intelligent electric vehicle market to the ride-hailing market. The company reportedly aims to leverage Geely’s ride-hailing platform, Caocao Mobility, to absorb existing inventory and plans to repurpose its Hangzhou Bay factory into a production base for ride-hailing vehicles and commercial vehicles.
In late 2024, Jiyue Auto faced a severe cash flow crisis, leading to the delayed payment of wages and social insurance for a large number of employees. This incident quickly garnered widespread social attention. In response to this predicament, on December 16th, Jidu Automobile Co., Ltd. (also known as Jiyue Auto), the primary shareholders being Baidu and Geely, issued a joint statement. They pledged to actively address the current challenges and ensure the resolution of critical issues such as employee social security payments, compensation for departing employees, and the normal use and after-sales service of user vehicles.
Currently, Jiyue Auto has only two models on sale: the Jiyue 01 (Robo Car 01) (priced between RMB 219,900 and RMB 399,800) and the Jiyue 07 (Robo Car 07) (priced between RMB 209,900 and RMB 299,900).
