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Jiyue CEO Admits Over Optimism in Early Stages, Not Yet See Severity in Fund Crisis
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Geely Holding and BIDU-SW (09888.HK)'s auto JV, Jiyue (formerly known as Jidu), is locked in funding crisis. An online post purportedly written by Jiyue CEO Xia Yiping negated he has "run away" and defended car manufacturing requires enormous capital. He yet admitted that he had not fulfilled key responsibilities such as financing in the company's development strategy. He also conceded that he was overly optimistic in the early stages and failed to foresee the severity of the funding problems. He also focused too much on details and micro-management, and made mistakes in hiring, which stifled the initiative and creativity of the team. Xia thanked Baidu Chairman Robin Li, Geely Chairman Li Shufu and all investors for their support, emphasizing that he would do his utmost to keep Jiyue afloat. AAStocks Financial News |
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