Fast And Furious China Style: Jiyue Crashes Hard And Fast
Image Credit: Jiyue.
The automotive world just witnessed a spectacular crash-and-burn, and I'm not talking about a failed safety test. I'm talking about Jiyue, the electric car company that just went belly-up faster than a Tesla on autopilot navigating a construction zone.
Jiyue, if you haven't been keeping score, was the brainchild of two Chinese giants, Geely and Baidu. You'd think with parents like that, the little tyke would be set for life, right? Wrong. Turns out, even with a silver spoon in its mouth, Jiyue managed to choke on its own ambitions.
Image Credit: Jiyue.
The company kicked off with the Jiyue 01, an SUV that, shall we say, didn't exactly set the sales charts on fire. It was like trying to sell ketchup popsicles in Antarctica – nobody was buying it. Then came the 07 sedan, which did manage to move a few more units. But selling a few thousand cars in a market the size of China is like bragging about winning a hot dog eating contest after managing to swallow three.
But the real drama unfolded just recently. Rumors started about Jiyue's impending doom, and before you could say "financial impropriety," the whole company just imploded. Employees were left high and dry, suppliers didn't get paid, and the CEO was struggling to explain where $962 million vanished. Poof! Just like that.
Image Credit: Jiyue.
I'm not one to point fingers, but it seems like someone might have been a little too enthusiastic with the company credit card. I mean, I like a good shopping spree as much as the next guy, but even I draw the line at buying a solid gold yacht shaped like a rubber duck. No, it did not happen, but nearly $1 billion missing does make you wonder where it all went.
The real kicker in this whole saga is the impact on Jiyue owners. Imagine buying a brand-new car for about $31,000, only to find out a few weeks later that it's worth about as much as a used lawnmower. Ouch. Fisker owners know exactly what I'm talking about.
Image Credit: Jiyue.
And the most curious part? The advice from a former executive at another failed EV company, HiPhi, was essentially, "Run!" He basically told Jiyue owners to ditch their cars faster than a politician ditches a campaign promise. So, what's the lesson in all of this? It's a tricky one but maybe don't buy a car from a company that's bleeding money faster than a government can print it.
But in all seriousness, the Jiyue debacle is a painful reminder that even in the world of electric cars, where the future seems so bright and shiny, things do go wrong. Very wrong. It's a tough market out there, and even companies with big names can stumble and fall.
So, the next time you're thinking about buying a new EV, maybe do a little extra research. Check the company's financials, read some reviews, heck - maybe even hire a private investigator to follow the CFO around for a few days. You know, just to be safe.
The story of Jiyue is a cautionary tale of ambition, mismanagement, and a whole lot of missing money. It's a story that's both sad and hilarious, and it's a story that reminds us that in the world of cars, just like in life, anything can happen.
