On August 9th, Hangzhou Ji Yu Yue Automotive Technology Co., Ltd. was officially established. The General Manager remains Xia Yiping, the GM of JIDU. Ji Yu Yue is co-owned by GEELY and Baidu's subsidiary, Mi Hang Automotive, with GEELY holding a 65% stake and the latter 35%. This marks the second collaboration between GEELY and Baidu in automobile manufacturing.
In March 2021, Baidu and GEELY jointly funded the establishment of a company, launching a new car brand named JIDU. By June 2022, they introduced their first concept car, the ROBO-01, with plans for large-scale deliveries in the third quarter of 2023. However, in June of the same year, a GEELY affiliated company exited the list of JIDU shareholders. By the end of last year, JIDU officially rebranded as Mi Hang Automotive, leading to market speculations. In July this year, Mi Hang Automotive's registered capital was reduced from 2 billion yuan to 1 million yuan, a drop of 99.95%. Furthermore, Wang Weibao, the head of JIDU's autonomous driving division, has resigned.
With the establishment of Ji Yu Yue, GEELY's share exceeds that of Baidu, making it the dominant party. The business of Ji Yu Yue overlaps with JIDU, and the core executive remains Xia Yiping, leading to various market speculations. Can JIDU's ROBO-01 enter mass production and launch in the third quarter?
