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Since the second half of this year, there have been frequent changes at the top of the interior of Xilai Automobile.

On June 30, Zhuang Li, vice president of automobile software development, resigned. Qin Lihong, president of Lulai Automobile, responded that Zhuang Li had left her job for personal reasons and that the job had been transferred, which had no impact on the company's business.

On August 15, Zheng Xiancong, co-founder of Xilai Motor, officially left. After retirement, he will continue to serve as Li Bin's personal adviser, support Xilai Automobile in the supply chain and partners, and will continue to serve as chairman of Xilai Drive Technology. Continue to strategically guide Wei to drive the development of technology.

At the end of September, in order to cut expenses, Xilai launched a layoff plan, reducing its staff from more than 9000 to more than 7000, and will continue to reduce the number of employees in the third quarter and before the end of the year.

On October 11, a letter about the promotion and change of senior executives around the world circulated online, referring to the promotion of Shen Feng, Zhou Xin and Ganesh V.iyer to executive vice presidents, reporting directly to Li Bin. Huang Chendong and Zhong Wanli were promoted to senior vice presidents and also reported to Li Bin. In addition, Danilo Teobaldi was promoted to vice president. Xilai responded that the situation was true and that all but one foreign executive had been promoted normally.

On October 28th, Xilai issued an announcement confirming that Mr. Xie Dongzhong, Chief Financial Officer (CFO), submitted his resignation as CFO for personal reasons, effective October 30th, 2019.

On November 6, Xilai submitted another document to the US Securities and Exchange Commission, announcing Wang Dongning's resignation as vice president of finance and appointing qu Yu to succeed Wang Dongning as vice president of finance.

As vice president of finance, qu Yu will be responsible for financial control and management of the company, including global corporate governance in China, the United States and Europe, reporting directly to Li Bin, the company said.

It is understood that Zi Quyu has been serving as the senior financial manager of NIO since he entered NIO Motors, and he also served as the Chief Financial Officer of Johnson controls and Lear before entering Ulai Motors.

It is worth noting that on November 5, Xilai announced on its official WeChat that it will reach a strategic partnership with Mobileye, a self-driving technology company owned by Inter. On Nov. 5, shares of Xilai rose 36.84% to $2.34.

It was revealed today that Lulai's shares fell 13.25% to $2.03 after it was revealed that it had submitted internal high-level adjustment documents to the Securities and Exchange Commission.

On November 4th, Xilai announced its October sales figures, which showed that a total of 2625 cars were delivered in October, an increase of 25% month-on-month and 61% year-on-year. Of these, 2220 were delivered by ES6 and 306 by ES8.

After the sales volume was announced, it rose by only 4.83%. It can be seen that compared with the growth in sales, the rise and fall of Lulai's share price has a deeper relationship with the company's internal adjustment.

After the decline of new energy subsidies and multiple negative assets in the second half of this year, the production of Lulai was extremely difficult. In the past, ES8 was recalled because of spontaneous combustion, and then the company was on the verge of delisting after the quarterly results were announced. coupled with the failure of financing and the departure and transfer of internal staff, Lulai was in trouble.

NIO is currently the largest financing of all car companies, sales can also be said to have been among the best, but so far does not have the ability to make their own blood. In the second quarter of this year, Lai Automobile achieved an operating income of 1.508 billion yuan in the second quarter, with a net loss of 3.285 billion yuan belonging to shareholders of listed companies.

Many people are not optimistic about this company, on the one hand, sales are far from its annual sales target, the quality of the car is also questioned, on the other hand, the development of the company has raised many times, but has not yet achieved real profits.

However, Li Bin believes that he still has a future. Although he is indeed in trouble at present, he also promotes his own development through cooperation with other enterprises. It is just that at present, new energy vehicles are being reshuffled, and most car companies will be marginalized because of profit losses and declining sales, while Xilai has strong financing ability, and there are only certain risks after huge losses, which are not marginalized. However, it is still unknown when the positive growth of profits can be achieved.

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