Volvo's sister brand, Jiyue, is now facing one of the industry's harshest realities, according to Boosted. Financial troubles, management issues, and disappearing funds have left the company in a precarious position. Chinese electric vehicle maker Jiyue Auto has been under intense scrutiny this past week, with much of the attention focused on its financial troubles and complex relationships with key stakeholders Baidu and Geely. On December 16, Jiyue CEO Xia Yiping took to social media to deny rumors that he. A joint venture between Chinese tech giants Geely and Baidu has dramatically collapsed, leaving customers stranded and nearly $1 billion unaccounted for. The electric vehicle startup launched with impressive backing: The company's downfall came swiftly and dramatically: The collapse has severe. Jiyue has disbanded on the spot days after rumors of the company being in trouble first started circulating. Rumors of mass layoffs had been quietly circulating for weeks, but few anticipated the dramatic unraveling that ensued. On December 11, employees received an internal memo. 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. On the afternoon of December 11th, Xia Yiping, the CEO of the Chinese.
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