AutoBeta(AutoBeta.net)09/25 Report--

A few days ago, some media reported that Bi Fukang, the former Baiteng CEO, first exposed the reasons for leaving the company, saying that it had imposed excessive "control" after investing in the company because of excessive intervention by FAW Group.

With regard to the news reported by the media, Baitang officially released today the "explanation on the recent foreign media reports on the independent operation of Baitang", which said that FAW respected the internal corporate governance of Baiteng and fully supported its independent operation. The "intervention and control of Baiteng by FAW Group" mentioned in the relevant foreign media reports has no basis. Mr. Bi Fukang's remarks in this report have many false or misleading statements.

Baiteng officials believe that FAW Group is one of the largest automobile companies in China, and the strategic cooperation with FAW Group is beneficial to the development of Baiteng. FAW Group respects Baiteng's internal corporate governance and fully supports its independent operation.

The media misleading about Baiteng stems from the fact that at a future media event held by Faraday at its headquarters in Los Angeles, Bi Fukang, the former founder and CEO of Baiteng, talked for the first time about the reason why he left Baiteng. He attributed the reason for leaving Baiteng to FAW "controlling" Baiteng too much after investing in Baiteng.

In June 2018, FAW Group accounted for 265 million yuan of the total financing of Baiteng B round. In July 2018, Baiteng signed an agreement with FAW Group to announce cooperation in various fields.

After accepting the financing caused by the acceptance, Baiteng said that through cooperation with FAW Group, the two sides will develop rapidly. Soon after, the management changed.

At the Shanghai Auto Show in April this year, Bi Fukang stood at the Iconic booth and announced his appointment as CEO of Iconic. Four months later, Bi Fukang announced his appointment as FF CEO.

Although Bi Fukang seems to have a prejudice against FAW Group, Dai Lei, founder of Baiteng, does not think so: I think the cooperation between Baiteng and FAW Group is correct. FAW Group respects the choice of a start-up like ours.

In addition to the support of capital, FAW has also provided a lot of resource support for Baiteng. After obtaining financing, from qualification to building a factory, Baiteng seems to walk more smoothly than many new car manufacturers.

At 11:00 on September 25th, Bi Fukang formally responded to the Baiteng dispute, saying that it was taken out of context by the US media, and he expressed his gratitude to FAW for its support and contribution.

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