The combined domestic media report that the Jilly Holdings and Baidu (09888.HK) joint venture car plant “Extreme” is in a liquidity crisis, with a capital gap of up to RMB 6 billion, and the company has clarified that employee salaries will only be released until November. Gilley and Baidu issued a joint statement saying that, as shareholders of Extreme, we will actively assist the management of Gideau Automotive in the proper handling of related matters, including resolving employee social security and severance pay and compensation issues in the first place, maintaining the normal use of user vehicles, after-sales and maintenance, and promoting other matters Rational and legal solution.

Gilly and Baidu will pay Social Security for its employees in November, the report said. GITSU AUTOMOBILE CO., LTD. IS A NEW POWERHOUSE START-UP FOUNDED BY GEELEY AND BAIDU, AND JETSU AUTOMOTIVE PRODUCTS ARE MANUFACTURED BY THE GEELEY PLANT AND LICENSED TO OPERATE EXCLUSIVELY BY KELEY.