AutoBeta(AutoBeta.net)01/26 Report--

On January 26, BAIC Blue Valley New Energy Technology Co., Ltd. (hereinafter referred to as "BAIC Blue Valley") issued a notice that the board of directors recently received a "resignation letter" submitted by Jiang Deyi. He submitted to the board of directors his resignation as chairman, director, chairman and member of the strategy committee of the ninth board of directors of the company due to work reasons. After his resignation, Mr. Jiang Deyi will no longer hold any position in the company.

It is worth mentioning that Jiang Deyi's term of office is less than half a year. In August 2020, Xu Heyi no longer served as secretary and chairman of BAIC Group because of his age, and Jiang Deyi, former chairman of Beijing Jinyu Group Co., Ltd., took over the post. According to Tianyan check information, Jiang Deyi not only served as chairman of BAIC Group, but also served as chairman of BAIC shares, BAIC Blue Valley and other companies. According to media reports, Jiang Deyi's resignation may be related to BAIC's latest rule that group staff can no longer work part-time in subordinate enterprises.

BAIC Langu said in the announcement that Liu Yu, the current director and manager of BAIC Langu, will replace Jiang Deyi as chairman of the company's ninth board of directors and chairman of the strategy committee.

In less than half a year, Liu Yu was promoted from manager to chairman. According to the data, Liu Yu served as deputy general manager and general manager of Beijing Automobile sales Co., Ltd. from November 2012 to October 2015; from June 2015 to June 2018, he served as director and vice president of the Purchasing Center of Beijing Automobile Co., Ltd.; from June 2018 to June 2020, he served as vice president and executive deputy general manager of Beijing Hyundai Automobile Co., Ltd. Since July 2020, he has been the manager of BAIC Langu New Energy Technology Co., Ltd.

Judging from Liu Yu's resume, he has worked in the Beijing Automobile Department for many years and has rich work experience. However, after it took up the relevant position in BAIC Blue Valley, the situation of BAIC New Energy has not been significantly improved.

In 2020, when the new energy vehicle market broke out, BAIC New Energy, which once won the championship in pure electric vehicle sales for seven years in a row, has experienced a precipice decline. According to the data, BAIC's new energy sales in 2020 were 25914 vehicles, down 82.79% from the same period last year, and only 5% of the annual sales target of 500000 vehicles.

BAIC's new energy has grown rapidly in the past few years, with sales rising from 20, 000 in 2015 to 150000 in 2019, accounting for most of the pure electric vehicle market share. However, with the decline of new energy vehicle subsidies in 2019, the domestic new energy vehicle market showed negative growth for the first time. Under this background, BAIC New Energy, which is committed to the development of new energy vehicle market, also showed negative growth in 2019. However, BAIC New Energy, which sold 150600 vehicles, is still the top seller of pure electric vehicles in China.

After entering 2020, due to the epidemic, BAIC's new energy sales declined off a cliff. Of course, in this case, the sales of new energy car companies such as BYD also declined, and the impact of the epidemic on the market is understandable. Entering the second half of the year, especially after the resumption of the new energy subsidy policy in July, China's new energy vehicle market has risen rapidly. BAIC New Energy, on the other hand, showed a completely different development trend, with sales falling 77.57% in September, 76.32% in October, 74.96% in November and 91.17% in December, the biggest decline of the year.

BAIC new energy early investment in the B-end market has achieved good results, but ignored the development of the C-end market. In this regard, BAIC New Energy launched its first high-end model, ARCFOX α T, in October 2020. The new brand new model carries the important task of BAIC's new energy development, but the result is unexpected. Only 709 ARCFOX α T have been sold three months after the launch.

Some industry insiders said that ARCFOX α T has many competitors, such as Eian LX, Tesla Model Y, ideal ONE, BYD Tang EV and other models, and will face Dongfeng Lantu in the future. The competition of SAIC Zhiji and other brands. In this market environment, the market performance of ARCFOX is not optimistic.

BAIC new energy sales continue to decline, not only caused by the market, more is its own product problems. Therefore, for Liu Yu, the newly appointed chairman of BAIC Blue Valley, there is no doubt that his burden is getting heavier and heavier. As to whether it can save BAIC's new energy from fire and water, it remains to be seen.

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