The Chinese electric vehicle brand Jiyue, which once claimed it would compete with Tesla, collapsed overnight last Monday, and the team was disbanded on the spot. Jiyue's president, Xia Yiping, was surrounded by employees, car owners, and suppliers. Jiyue was born with a golden spoon, originally established in January 2021 by Chinese tech giant Baidu and automotive giant Geely as Jidu Auto, and was renamed Jiyue in August last year. According to reports, as a startup, Jiyue's executives did not strictly control expenses. Xia Yiping not only hosted hot pot banquets for car owners, with each event costing over 500,000, but also spent 37 million yuan on advertising on Douyin, only gaining 400,000 followers. Xia Yiping published a lengthy article stating that he did not run away.