Shanghai-Based China's Largest Car Maker Zhejiang Jiayuan Automobile Faced Serious Financial Crisis and Social Insurance Payment Issue

Zhejiang Jiayuan Automobile, the largest car maker in central China, has faced a severe financial crisis with several million employees facing delayed wages and social insurance payments, causing widespread concern among society.

On April 21st, according to data from WeChat App, Zhejiang Jiayuan Automobile's name was changed to Zhejiang Fensheng Automobile Technology Co.,Ltd in conjunction with the addition of Taizhou Jilly Industrial Ltd as a shareholder.

Previously, in October 2024, the company's name was changed from Fensheng Automobile Science and Technology Group Co. Ltd to Zhejiang Jiayuan Automobile Co., Ltd. The company founded in 2013 has its registered capital equivalent to 2.404 billion CNY, with an operating scope covering automobile spare parts retail and sale, new energy vehicles sales, etc. Currently, it is held jointly by Zhejiang Jili Enzi Automobile Technology Company and the newly-added shareholder Taizhou Jilly Industrial Ltd.

In late 2024, Jiayuan Automobile faced a severe financial crisis, causing several issues including unpaid wages and delayed social insurance payments to thousands of employees, leading to public outrage. In an attempt to address these challenges on December 16th, primary shareholders Baidu and Jingli issued a joint statement expressing their commitment to tackling these problems.

As of Press Time, only two Models Remain Available for Sale

Currently, Zhejiang Jiayuan Automobile has only two models available for sale - 01 (priced at 2199 CNY up to 3998 CNY) and 07 (priced at 209.9 CNY up to 299.9 CNY).