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Official announcement! Personnel changes in Polar Science and Technology

2024-06-25 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)06/07 Report--

According to media reports, Qin Peiji, deputy general manager of Geely Automobile Group sales Company, has been officially transferred to Polar Technology as chief operating officer, responsible for the company's sales, channel development and marketing and other business sectors. From now on, Chen Siying will no longer serve as chief operating officer and will be transferred to senior vice president of product planning.

Qin Peiji, an old man in the Geely system, worked in Volvo Greater China as early as 2011. he served as Vice President of sales and Dealer Network of Volvo Automotive Group in Greater China and Chief operating Officer of Greater China sales Company. In July 2019, Volvo appointed Chin Pei-ji to succeed Chen Lizhe as president of Volvo Automobile Greater China sales company. In August 2023, Volvo suddenly adjusted its sales team in China. Chin Pei-ji no longer served as the general manager of the Greater China sales company and announced that he would leave Volvo. The position was replaced by Pei Martin, general manager of Volvo Motor Japan. In the same month, Geely Automobile Group announced that Chin Peiji would join Geely as Deputy General Manager of Geely Automobile Group sales Company, and be responsible for serving as Director of Group Channel Development Committee, in charge of channel development and construction of Automobile Group. Report to Lin Jie, senior vice president of Geely Automobile Group.

Electrification transformation is considered to be an important part of Volvo's sustainable strategy. During his tenure, Volvo sales grew steadily and led Volvo to accelerate its electrification transformation. In 2021, Volvo sold 171700 cars on Chinese mainland, up 3.1 per cent from a year earlier. In 2022, against the backdrop of the outbreak, Volvo's sales in greater China fell 5.4 per cent year-on-year, but remained at 160000 to 162300. The latest figures show that Volvo sold 180200 cars on Chinese mainland in 2023, an all-time high.

As for Chen Siying, he is also a marketing veteran in the traditional automobile industry. he joined Nanjing Yafite Commerce Department as head of brand promotion in 2001, and later worked in Nanjing Mingjue, SAIC passenger cars, Beijing Automobile, Quan Zhi Automobile and Geely Automobile. In January 2023, Chen Siying joined Great Wall Motor as Wei Brand CEO and General Manager of Tank Brand Marketing, but announced her departure for personal reasons after less than half a year. In January 2024, Chen Siying joined Star Technology as the company's chief operating officer and was fully in charge of the company's marketing section.

Star Motors is a high-end electric car brand jointly built by Volvo and Geely, while Geely Technology is a joint venture between Star Meizu Group and Polar Motors, which is fully responsible for Polar Motor's business in the Chinese market. Recently, Polar Motor faces the risk of delisting due to the delay in the release of the annual report, and its share price has also fallen to an all-time low. The latest share price is now at $0.7712, below $1 for 11 consecutive trading days. It may be at risk of delisting if its share price is delayed below $1.

In terms of performance, Star Motor lost a cumulative $1.941 billion (about 14.1 billion yuan) in 2021 and 2022 and in the first three quarters of 2023. In terms of sales, Polar did not disclose specific sales in China in 2022 and 2023, but according to traffic insurance data, the number of insured vehicles was 1717 and 983 respectively, compared with 945 from January to April 2024.

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