Zhejiang Jiyue Automotive Technology Co., Ltd. Undergoes Name Change and Ownership Shift
Recently, Zhejiang Jiyue Automotive Technology Co., Ltd. underwent significant changes in its corporate structure. On April 21st, the company officially changed its name to Zhejiang Fengsheng Automotive Technology Co., Ltd. Additionally, Taizhou Geely Automobile Industry Co., Ltd. has become a new shareholder in the company.
The company, initially known as Fengsheng Automotive Technology Group Co., Ltd., was established in April 2013 with a registered capital of RMB 2.404 billion. Its primary activities include the retail and wholesale of auto parts and the sale of new energy vehicles. With the inclusion of Zhejiang Geely Qizheng Automobile Technology Co., Ltd. as a shareholder, the company is poised for a strategic shift in its operations.
One of the key changes following the restructuring is the shift of focus from high-end intelligent electric vehicles to the ride-hailing market. By leveraging Geely’s ride-hailing platform, Caocao Mobility, Zhejiang Fengsheng Automotive Technology Co., Ltd. aims to repurpose its Hangzhou Bay factory for the production of ride-hailing and commercial vehicles.
However, the company faced a cash flow crisis in late 2024, resulting in delayed wage and social insurance payments for employees. This issue drew widespread attention, prompting a joint statement from primary shareholders Baidu and Geely through Jidu Automobile Co., Ltd. The statement reassured employees and stakeholders of efforts to address financial challenges and ensure the smooth operation of the company.
Currently, Zhejiang Fengsheng Automotive Technology Co., Ltd. offers two models for sale: the Jiyue 01 (Robo Car 01) and the Jiyue 07 (Robo Car 07), catering to different segments of the market with prices ranging from RMB 209,900 to RMB 399,800.
