Jiyue
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Ji Yue (Jiyue, 极越) was a Chinese premium electric-vehicle brand backed by Baidu and Geely. Its predecessor Jidu Auto launched in March 2021 with Baidu holding 55% and Geely 45% to build 'robots on wheels' with advanced autonomous driving. A licensing crisis — the startup lacked manufacturing qualifications — delayed production and forced a brand rebrand: Ji Yue was formed in 2023 to circumvent the qualification restrictions (ownership 65% Geely, 35% Baidu), using Geely's manufacturing credentials. It launched two models, the Ji Yue 01 crossover and the Ji Yue 07 luxury sedan, selling about 14,000 cars in 2024. On December 11, 2024, CEO Xia Yiping announced on a video call that the company could not pay wages and social insurance and operations were dissolved on the spot, with production already stopped for unpaid Geely contract-manufacturing fees.
02 / Jiyue FAILURE REASONS
Failure reasons
Ji Yue's collapse was a slow-motion failure. Without manufacturing qualifications, its first model's production was delayed and it depended on Geely's credentials. Innovation-over-practicality positioning produced 'robots on wheels' but sales lagged far behind rivals, forcing price cuts and eroding consumer trust. As Baidu pivoted to AI, it halted investment after discovering a budget shortfall in an October audit; lenders refused to renew credit lines, triggering a liquidity crisis. Cumulative losses reached 7 billion yuan with some 10 billion yuan owed to Geely. Internal mismanagement, chaotic leadership and frequent personnel changes completed the picture: in December 2024 the company disbanded overnight.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
on 11 Dec 2024 CEO Xia Yiping told staff company could not pay wages/social insurance and operations were dissolved on the spot; production had already stopped ~early Nov for unpaid Geely contract manufacturing.
- Asset restructuring
Beijing News (1 May 2026) and national bankruptcy court investor-recruit notice: Shanghai Third Intermediate Court (2026)沪03破515号 accepted substantial consolidated reorganization of Shanghai Jidu Auto (Jiyue brand operator) and five affiliates; pre-reorganization accepted Nov 2025.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In December 2024 Ji Yue announced a reorganization and downsizing to seek additional funding, but on December 11 CEO Xia Yiping told staff the company could not pay wages and social insurance and dissolved operations on the spot; production had already stopped for unpaid Geely contract-manufacturing fees.
- 02
Over 1,000 unsold cars were seized; car owners protested at Baidu and Geely offices seeking clarity on services and promised updates.
- 03
Baidu and Geely initially pledged to assist with key payments, including employee compensation, settled after negotiations.
- 04
Substantial consolidated reorganization of Shanghai Jidu Auto (the Jiyue brand operator) and five affiliates was accepted by the Shanghai Third Intermediate People's Court, with pre-reorganization accepted in November 2025 and a national bankruptcy-court investor-recruit notice published in May 2026.