Baidu backed Ji Yue Auto, an EV manufacturer, found itself in deep trouble after failing to pay its employees’ social security. One of Jiyue’s live stream hosts even broke down mid livestream,“I worked so hard, and now the company is gone?”
But Jiyue isn’t the first (and certainly won’t be the last) EV manufacturer to face such challenges. In China’s hyper-competitive EV market, we’ve seen similar collapses, consolidations, and even brands turning to global markets to escape the intense domestic competition.
Tune in as we discuss the fall of Jiyue Auto, why Baidu and Geely refused to invest more in this joint venture, and what’s next for the EV market in China.
Chapters:
00:00:40: Who is Jiyue Auto?
00:05:00: Involution of EV in China
00:08:00: What exactly happened to Jiyue?
00:13:00: Livesellers breakdown mid stream
00:17:00: China’s automotive industry is too competitive - what’s next?
Featured materials:
Wechat article on car rankings in China: https://mp.weixin.qq.com/s/kvKHcRlzQqhHh_vuAtQKXw
A Chinese EV Manufacturers deep trouble, livestreamed, The Lowdown: https://thelowdown.momentum.asia/a-chinese-ev-manufacturers-deep-trouble-livestreamed/
#JiYueAuto livestreamers in tears after company announces bankruptcy, Youtube shorts, Momentum Works:
https://youtube.com/shorts/J8XxioeggDg
#JiYueAuto livestreamer breaks down after hearing of company's bankruptcy, Youtube shorts, Momentum Works:
https://youtube.com/shorts/3c6d3uqzhkA
#JiYue owed advertising agent CNY37 million!, Youtube shorts, Momentum Works:
https://youtube.com/shorts/F99iqXkRlmk
