(Yicai) Dec. 3 -- Jiyue Auto, a Chinese smart car brand set up by tech giant Baidu and carmaker Geely Holding Group, has rebutted online rumors about mass layoffs and executive resignations.

Jiyue Auto is operating normally, with all official information to be communicated through formal channels, the carmaker's legal department said on Weibo yesterday. The layoff claims are just "rumors," Chief Executive Xia Yiping added.

According to rumors circulating on the Chinese Linkedin-like platform Maimai recently, Jiyue Auto was cutting nearly 40 percent of its staff, while its chief financial officer resigned, its chief operating officer left for another company, and the family of its CEO was relocating to Singapore.

Jiyue Auto was established as Jidu Auto in Shanghai in March 2021, with Baidu holding a 45 percent stake and Geely the rest. The electric vehicle brand was renamed Jiyue Auto last August, while Baidu's stake was reduced to 35 percent.

In 2022, Jiyue Auto raised nearly USD400 million in a Series A fundraiser from Baidu and Geely. It released its first concept car, the Jidu ROBO-01, in June of that year and renamed it the Jiyue 01 last October. Its only other model on the market is the Jiyue 07.

Jiyue Auto's deliveries reached 2,485 cars last month and 14,000 in the first 11 months of this year, lagging behind major rivals Li Auto, XPeng, and Xiaomi Auto, who delivered 48,700, 30,900, and over 20,000 autos, respectively, in November.

At the 2024 Guangzhou Auto Show held from Nov. 15 through 24, Jiyue Auto unveiled the artificial intelligence-driven electric supercar ROBO X and the Jiyue 07 Passion Edition.

Editor: Martin Kadiev