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The president of Zero Motor responded to his resignation: the performance exceeded expectations but the company did not renew the contract.

2024-07-18 Update From: AutoBeta NAV: AutoBeta > News >


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On January 25th, Wu Baojun, the former president of Zero Auto, issued a post in response to the resignation of Zero Auto. Wu Baojun said: "it is a pity that I have to leave the zero-running car that I was involved in. I love the zero-running career very much, but because the labor contract expires, the company proposes not to renew the contract."

In the article, Wu Baojun mentioned that whether it is the sales target, the IPO plan or the cooperation with STELLANTIS Group, it has exceeded expectations to achieve the three major goals of the previously signed employment agreement. According to Wu Baojun, in order to join Zero, Zhu Jiangming, founder of Zero, promised three gambling conditions: one is to complete 10,000 sales in the first year of employment, the second is to complete 40,000 sales in the previous two years, and the third is to promote Zero to appear on the market.

Helplessly, Wu Baojun was eventually "abandoned" by zero-running cars and did not renew his contract. Wu Baojun said, "the president of a professional manager is also an employee, and the employee is weak and helpless for a large enterprise organization."

On the same day, Zero issued a statement in response to Wu Baojun's resignation. Zero running said that Wu Baojun's labor contract expired on January 8, 2024, and the company will not renew its employment after a resolution of the board of directors. Wu Baojun has been mainly responsible for strategic development and public affairs in the past year, and Li Tengfei, vice president, is in charge of related business after the decision of the company.

However, Wu Baojun did not leave his job. According to Wu Baojun, although he has been removed from the post of president, he continues to serve as the company's executive director. Wu Baojun said that there is no intention to leave, the departure matter has not yet reached a consensus with the company, is still under coordination, and the differences are mainly on the handling of shareholding.

On Jan. 2, Wu Baojun sold his 50, 000 shares of Zero Auto at HK $33.60 each, totaling HK $1.68 million (1.54 million yuan), according to the Hong Kong Stock Exchange. after the deal is completed, Wu Baojun still holds 13.4565 million of Zero Automobile shares.

According to the data, Wu Baojun joined Zero Automobile in June 2020 as co-founder and president of Zhejiang Zero running Technology Co., Ltd., responsible for zero-running automobile business development, marketing, manufacturing and supply chain work. Prior to that, he worked for Guangzhou Peugeot, Guangzhou Automobile Honda, Guangzhou Automobile Toyota and other companies, which allowed Wu Baojun to accumulate solid and profound auto marketing skills, and Zhongcheng Auto Insurance shares' experience allowed him to develop investment and financing capabilities in addition to the automobile business.

Wu Baojun has witnessed that zero-running cars have gone from unknown to famous. when Wu Baojun joined zero-running cars, the first volume production car, S01, was already on the market, but monthly sales remained stable in the triple digits for a long time, coupled with continuous quality problems. Zero-running cars continue to develop other models to restore the market reputation. After Wu Baojun joined the zero-running car, the T03 subcompact caught fire after its launch, with a starting price of 59800 yuan against the standard Ola black cat, with a total of 46200 vehicles delivered from May 2020 to the end of 2021, accounting for 90% of the total sales for the year. In 2022, T03 sold 62000 vehicles, ranking fifth in mini-car sales, directly helping zero-running annual sales break through the 100000 mark and becoming the second new car-building force in January.

In September 2022, Zero was officially listed for trading on the Hong Kong Stock Exchange, and IPO was finally sold at HK $48 per share, with a net fund-raising of HK $6.057 billion, making it the largest new IPO in Hong Kong stocks during the year.

In January 2023, the biggest adjustment since Zero went public, Xu Jun from Huawei was appointed Senior Vice President and Chief operating Officer in charge of sales and service, and Zhang Weili was appointed Senior Vice President and Chief Marketing Officer in charge of marketing and user operations.

The success of Huawei has led to the halo of many "Huawei" personnel, and Wu Baojun's power has been slowly weakened, shifting from key areas such as business development, marketing, manufacturing and supply chain to strategic and government affairs. In November 2023, industrial and commercial changes took place in Zero International Trade (Shanghai) Co., Ltd. Wu Baojun stepped down as the legal representative and was replaced by Xu Jun.

Earlier, Wu Baojun said on Weibo, "in essence, others are Wang, you will: Yang Xiu offended Cao Cao, you see what a good end. Han Xin worked so hard that he was finally cut off by Liu Bang. Rabbits and dead dogs cook, birds do bow hide. This is almost all the necessity of history. The greater the merit, the more humble and loyal efforts, give the company enough sense of security."

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