Chinese tech titan Baidu and car giant Geely on Friday blamed “huge changes” in the EV industry for sudden staffing and operations cuts at their joint electric auto venture this week.
“Due to huge changes in the industry’s competitive landscape, the established business plan could not be executed and operations have encountered challenges,” the companies said in a joint statement shared to their official social media accounts.
Security guards stand outside a closed Jiyue showroom in Hangzhou, in China’s eastern Zhejiang province on December 12, 2024. Photo: AFP/China Out.
Jiyue, the EV project backed by Baidu and Geely, this week told employees it was disbanding some departments, angering staff, according to local media reports.
It was unclear how many employees would be affected, but Baidu and Geely vowed to help resolve payment issues “as soon as possible”.
