【双语阅读】本周封面：复盘极越闪崩全过程，百度、吉利均放弃支持（下）

CaixinGlobal财新国际 · 公众号 · · 2024-12-26 18:01

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Shifting focus

By partnering with Geely, Baidu originally aimed to showcase its smart driving technology through its own EV brand. However, the venture quickly turned from a car-making ambition into a mere investment project due to regulatory hurdles and shifting priorities within Baidu.

“从集度没有拿到造车资质那一刻开始，集度对百度而言就变成了一个投资业务，而非造车业务。”一名百度内部人士如此回顾百度对极越态度转变的关键节点。

过去十年，百度关停或出售的投资业务多达几十项，主要理由都是“战略转型”。

From the outset, Jidu struggled to secure a manufacturing license, a requirement for selling cars in China. Regulators demanded that shareholders use their own funds to support the venture and avoid secondary market financing before profitability. Unlike competitors like Xiaomi, Baidu hesitated to meet these terms.

Meanwhile, Huawei’s aggressive entry into the smart driving space intensified competition. Baidu, a software-centric company, found it challenging to match Huawei’s hardware expertise and partnership network. By late 2022, Baidu began pivoting towards artificial intelligence, spurred by the global success of OpenAI’s ChatGPT. Baidu’s founder Li personally led the company’s AI and cloud computing initiatives, further sidelining its automotive ambitions.

百度对集度的第一次态度变化即来自牌照问题。前述极越高层对财新指出，监管部门对集度获取牌照并非完全拒绝，只是提出了股东需用自有资金支持车企，且公司盈利前不能到二级市场融资等要求。“雷军做到了，但李彦宏不愿冒险独立投入造车。”他透露，此后集度董事长从百度负责大法务的梁志祥换成了时任CFO（首席财务官）罗戎，个中安排颇有深意。

“夏一平当时发朋友圈说，‘如果有人邀请你上一艘火箭，你不要问上去之后坐哪儿，你只要上去就对了！’”前述IDG离职人士认为，夏一平没有理解百度的文化和李彦宏对待业务的态度，“他误以为百度是火箭、造车是火箭，上去就可以一飞冲天，但百度的战略是每三年就说要造新火箭。”

2022年底，“新火箭”果然出现了。美国OpenAI公司的AI大语言模型ChatGPT爆火，带动全球基座大模型和语言类大模型风潮。百度成为中国这一领域的急先锋，李彦宏亲自牵头语言类大模型和云两个场景的业务推进。

In 2023, Baidu merged its Intelligent Transportation division into its AI Cloud Group, sparking a wave of executive departures within the Intelligent Driving Group (IDG). These changes left Ji Yue without key personnel, and insiders privately warned Xia that Baidu’s investment in the venture was unlikely to continue.

种种迹象都在向极越表明，李彦宏对智驾和造车的兴趣快速退却。2023年6月，归属IDG的智能交通事业部被划入智能云事业群（ACG），后者是百度大模型应用落地的主要执行方。IDG迅速掀起离职潮。当月，IDG首席产品架构师郭阳离职，他主要负责智驾产品自主泊车（AVP）、行泊一体（ANP 2.0）的项目落地，极越项目正是由他对接。一个月不到，郭阳直接汇报的上级——智能汽车事业部总经理储瑞松离职，其职责由下属苏坦和王亮接手，这两人深度参与了极越智能座舱和智能驾驶的开发。2024年7月，苏坦离职。

In early 2024, Baidu’s focus shifted to its autonomous taxi service, Apollo Go, which was seen as a more promising venture aligned with Baidu’s long-term strategy.

Ji Yue’s collapse left Baidu with nearly 1 billion yuan in supplier debts and eliminated its only major smart driving client.

Ji Yue CEO Xia Yiping

Geely’s limited commitment

Although Geely was a joint shareholder in Ji Yue alongside Baidu, its influence on the board and management was significantly weaker. A source close to Ji Yue’s leadership described Geely’s involvement as relatively “hands-off,” focused on generating steady revenue through licensing and production while anticipating potential gains from a future Ji Yue IPO. Although Geely had the right to nominate candidates for CFO of Ji Yue, its nominees were repeatedly rejected until April 2023.

虽为合资股东，但吉利在极越董事会和管理层扮演的角色相较百度弱得多。前述极越高层的人士称，吉利在合资公司表现较“佛系”，“主要靠代工、平台授权等细水长流地挣一些钱，以及期待极越上市后套现一些股权投资”。

上述人士指出，按照合资公司章程，吉利可以提名公司CFO，但吉利方面多次提名都未获通过。直到2023年4月，吉利提名的CFO刘吉宁上任。

Beyond its shareholder position, Geely played a crucial role as Ji Yue’s largest supplier. Geely handled hardware development, production and procurement of materials, leveraging its Zeekr electric vehicle platform and sharing its production lines in Ningbo. “For Geely, Ji Yue’s main value lies in absorbing its excess NEV capacity,” a Geely insider noted.

股东角色之外，吉利是集度汽车最大的供应商。一名极越中层人员告诉财新，极越公司主要负责汽车产品定义，而汽车硬件开发和生产几乎全由吉利方面负责，很多原材料也依赖吉利采购。

“对吉利来说，极越最重要的作用是消化其新能源产能。”一名吉利人士对财新称，极越使用极氪的开发平台浩瀚，生产也和极氪共用宁波产线，“吉利是一家制造企业，对极越和百度的互联网做法插不上手，但在生产上，对极氪和极越是一视同仁的。”

Despite its manufacturing prowess, Geely trailed in the race to electrification. In 2021, its total vehicle sales were 1.8 times that of BYD, but by 2024, its 11-month sales of 1.97 million units were only half of BYD’s. While Geely expanded its NEV lineup with brands like Zeekr, Geometry and Lynk & Co, it struggled to keep pace with competitors.

To address this, Geely pursued a multi-brand strategy, emphasizing platform-based development to reduce inefficiencies. Its diversified portfolio spanned from luxury brands like Volvo and Lotus to budget-friendly NEVs, covering a wide range of prices and vehicle types. In 2023, Geely sold 487,500 NEVs, marking a 48% year-on-year growth.

2021年集度合资公司诞生，适逢吉利铺开新能源汽车品牌矩阵的需求。3月，吉利全资的高端电动车品牌极氪在开曼注册成立，工厂落地宁波和成都。目前，吉利控股集团的品牌版图中，几何、领克、极氪、睿蓝、吉利银河、极星、智马达、路特斯等各类旗下自主以及合资品牌覆盖了新能源车从低中高各价位段，也包括纯电、混动等各类动力形式。

However, a price war in China’s NEV market forced Geely to reevaluate the Ji Yue venture. A custom report by Boston Consulting Group in mid-2024 predicted price cutting might continue until 2027. In July, Geely Chairman Li Shufu met with Baidu’s Li to discuss Ji Yue’s future. While Baidu suggested ending the project, Li Shufu believed such a move would cause reputational damage and advocated for continued collaboration, albeit with limited additional investment, according to a Ji Yue executive.

【双语阅读】本周封面：复盘极越闪崩全过程，百度、吉利均放弃支持（下）

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