AutoBeta(AutoBeta.net)08/22 Report--

A screenshot of what looks like BAIC Yinxiang's internal chat was obtained online today, which shows that BAIC Yinxiang may have reorganized its "holiday of 1-3 years" to lay off employees.

The news shows that according to BAIC Yinxiang's new policy, employees who immediately leave their jobs will be compensated according to the bankruptcy policy of the national company (regardless of magic speed and speed, the working years will be calculated from the first day of employment). Compensation is calculated according to the average salary of the first 12 months; employees who do not leave their jobs will be paid according to the standard of 1200 yuan per month during the holiday period. In terms of insurance, BAIC Yinxiang proposed three plans for former employees to hand in by the company, to hand in by themselves or to give up. But either way, the company has issued IOUs and settled them before BAIC took over.

In addition, for employees who do not leave and plan to stay in the new company, BAIC Yinxiang said that it will re-sign the contract, and that it is possible for the new company not to sign a contract with employees; however, the above plan is not applicable to employees who are pregnant, breastfeeding or injured at work, so it is up to them to consider whether to stay or not.

With regard to the above news, the relevant media sought confirmation from BAIC Yinxiang's internal employees, some employees said that this was the case, and some employees said that they had not been notified that the company was indeed laying off staff, but it was not severance.

With regard to the above news, BAIC Yinxiang has not yet made an official statement, but judging from the current development of BAIC Yinxiang, it is an indisputable fact that business difficulties persist.

Due to the problem of capital chain caused by poor management, BAIC Yinxiang has stopped production and taken a holiday for nearly a year. During this period, BAIC Yinxiang no longer provided vehicle spare parts and asked dealers to continue to pay for and book cars. Eventually, because there was no car to sell, it could not be repaired and maintained normally, causing dealers to safeguard their rights.

In April, BAIC Magic Speed issued a statement saying that great progress had been made in the restructuring of BAIC Yinxiang and that a clear message would be released in the near future, although five months after the announcement, there was still no official announcement.

BAIC Yinxiang was founded in 2010, when BAIC said it did not invest a penny and gained relative control of the joint venture only by buying a stake in the brand. In 2014, BAIC Yinxiang launched the BAIC Magic Speed brand. It took BAIC Yinxiang three years to become a dark horse in the car market, and by 2017, BAIC Yinxiang's annual sales peaked at 300000 vehicles. However, with the changes in the market, BAIC Yinxiang sales began to decline all the way, falling into difficulties. BAIC Magic Speed experienced a three-month "high temperature vacation" shutdown and inventory clearance in 2018, and has been largely suspended since the middle of last year, according to BAIC Yinxiang dealers. The once-rumored restructuring plan once gave BAIC Yinxiang hope of rebirth, but now it is clear that there is a lot of uncertainty, especially in the environment where the car market continues to decline.

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