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Baoya is one of the earliest enterprises in China engaged in the R&D, production, and sales of new energy electric vehicles. The brand operating entity is Shandong Baoya New Energy Vehicle Co., Ltd.. The company was founded on April 14, 2009. Originally known as Jinan Baoya Vehicle Industry Co., Ltd., its headquarters was early located in the High-tech Zone of Jinan City, Shandong Province, and later moved to the Yantai Economic and Technological Development Zone due to strategic restructuring. The legal representative is Wang Fang, and the registered capital is approximately 312 million RMB.
Baoya Group is one of the largest professional electric vehicle companies in China, mainly engaged in the R&D, production, and sales of three types of series electric vehicles: passenger, commercial, and site-specific, as well as electric special-purpose vehicles and key components of electric vehicles. The group has subsidiaries including Dezhou Baoya New Energy Vehicle Co., Ltd. (Dezhou Base), Shandong Xietente New Energy Vehicle Manufacturing Co., Ltd. (Qihe Base), Jinan Base, Baoya Electric Technology Research Institute, and Baoya Auto Sales Company, forming a full industry chain layout covering R&D, manufacturing, and sales. The total number of employees is over 1,200, with professional technical and management personnel accounting for 20%, possessing a R&D team composed of over 50 experts and professors.
At the capital level, Baoya underwent multiple equity changes and was ultimately indirectly controlled by Canadian ethnic Chinese entrepreneur and founder of Jinan Sanqing Industrial Group, Wu Lichun. In 2023, the company listed on the US NASDAQ via a SPAC shell merger, operating under the entity Chijet Motor Company (Stock Code CJET). Baoya is committed to the corporate philosophy of "Love and Creation", based on the energy-saving and environmentally friendly new energy vehicle industry, with products exported to over 50 countries and regions including Europe, the Americas, and Southeast Asia.
Startup and Low-Speed Electric Vehicle Phase (2009-2018). Baoya was founded in 2009 and was initially engaged in the R&D and production of low-speed electric vehicles (commonly known in the industry as "slow-moving electric vehicles"). Product coverage included electric four-wheelers, electric two-wheelers, electric beach buggies, electric golf carts, and special purpose vehicles. The company started with micro electric vehicles and gradually captured a certain market share in the Shandong and surrounding low-speed electric vehicle markets. During this period, Baoya established multiple production bases with Jinan as the headquarters, radiating to Dezhou, Qihe, and other areas, and was the first in China to break through in low-speed electric vehicle exports, becoming the first domestic enterprise to obtain low-speed electric vehicle European certification.
Strategic Transformation and Acquisition of FAW Jilin (2019). At the end of 2019, Baoya witnessed a major turning point in its brand development history. The company won the equity increase project of FAW Jilin Automobile Co., Ltd., a subsidiary of China First Automobile Group, through the Shanghai United Equity Exchange, investing 1.5 billion RMB in one go to acquire 70.5% of FAW Jilin's equity, with China FAW Group holding the remaining 29.4999% of shares. This acquisition enabled Baoya to obtain new energy passenger vehicle production qualifications instantly from a low-speed electric vehicle manufacturer. After the mixed-ownership reform, FAW Jilin completed the reform "from state-owned to private ownership". Baoya became its controlling shareholder, and the brand positioning was adjusted accordingly—the Senya brand under it focused on high cost-performance, targeting third- and fourth-tier cities and below markets.
Product Development and First Passenger Vehicle Promotion (2021-2022). About a year and a half after the acquisition, the first pure electric sedan mock-up car with code FB77 under Baoya-FAW Jilin rolled off the assembly line. The vehicle is positioned as an A+ class four-door coupe. Unlike brands like Leiting and Jinpeng that entered the market from entry-level micro electric vehicles, Baoya's first passenger vehicle directly targeted the mid-to-high-end pure electric coupe niche market. The exterior features a flat coupe design style, equipped with L-shaped DRLs and split front light clusters, a floating instrument cluster, and a large central control screen. It is planned to be equipped with the "Dolphin" AI smart chassis system and smart cockpit system, with an expected range of over 600 km. At the same time, Baoya launched the independent development of solid-state battery matching technology and completed the verification of two technical routes, ternary lithium battery and solid-state battery, on the FB77 model.
NASDAQ Listing and Capital Operation (2023). In 2023, Baoya completed a merger with NASDAQ SPAC company Jupiter Wellness Acquisition Corp. through capital operation. Listed on NASDAQ as Chijet Motor Company, stock code CJET. The valuation of Chijet Motor Company in the merger transaction was 1.6 billion USD.
Business Difficulties Period (2024-2025). After listing, Baoya and its controlling FAW Jilin faced severe market tests. Sales of Chijet Motor Company after listing continued to be sluggish. In 2023 and 2024, operating income was 67.93 million RMB and 49.54 million RMB respectively, with losses of 706 million RMB and 494 million RMB for the two years respectively. As of the end of June 2025, Chijet Motor Company's total assets were 491 million USD, total liabilities were 657 million USD, and owner's equity was -166 million USD, still in an insolvent state. In the first half of 2025, Chijet Motor Company only achieved operating income of 599,000 USD, a year-on-year drop of 82%. The total sales of main models (Senya R7, V60, T80) were only 94 units. Despite the poor business performance, the company still received government subsidies of 5.26 million USD in the first half of the year, a year-on-year increase of 208%.
In March 2026, Baoya welcomed the output of the 20,000th whole vehicle, and completed the capital increase of registered capital from 1.7 billion to 3 billion RMB in March, an increase of 77%. The funds obtained were mainly invested in core product R&D, channel expansion, and technology upgrades.
Baoya's product line can be divided into three major sectors: low-speed electric vehicle series, passenger vehicle series, and commercial vehicles.
Low-Speed Electric Vehicle Series is Baoya's traditional advantage product. It owns three major series: "Yabei", "Tongnian", and "Cartoon", covering categories such as micro electric vehicles, electric two-wheelers, electric three-wheelers, electric beach buggies, etc. Representative models include: XC318 electric four-wheeler, price about 25,000 RMB; Cartoon series, price about 8,600 RMB; Yaqi series, price about 8,000 RMB; Tongnian series, price about 34,800 – 36,800 RMB. Low-speed electric vehicle products mainly target short-distance commuting in urban and rural areas, community commuting, and special scenarios.
Passenger Vehicle Series is the core transformation direction mainly promoted by Baoya after acquiring FAW Jilin. Representative models include:
FB77 Pure Electric Coupe: The brand's first A+ class pure electric four-door coupe. The exterior features a closed grille, fastback body, and through-type taillight design. The interior is equipped with floating dual large screens. It is planned to be equipped with "Dolphin" AI smart chassis, solid-state batteries, with an expected range of over 600 km.
Senya R7: An original FAW Jilin compact SUV. Production continued after Baoya's holding, targeting third- and fourth-tier markets, focusing on high cost-performance positioning.
V60: Compact van, applicable for urban logistics and commercial vehicle scenarios.
T80: Mini series truck, targeting light freight market.
R9 PHEV: Hybrid SUV, planned to be launched at the beginning of listing.
Commercial Vehicle and Special Vehicle Series include light trucks, vans, and various special-purpose vehicles (such as sanitation vehicles), with some products exported to European and American markets.
Baoya once achieved a leading position in the traditional low-speed electric vehicle export market. The company's sales network covers Europe, the Americas, and Southeast Asia. Products are exported to over 50 countries and regions. It is the first domestic enterprise to obtain low-speed electric vehicle European certification. The domestic market is covered through hundreds of sales and service outlets.
However, after acquiring FAW Jilin and transforming into the passenger vehicle sector, Baoya's market performance experienced a cliff-like decline. As the core passenger vehicle sales entity, Chijet Motor Company, recorded a combined loss of about 1.2 billion RMB in 2023 and 2024. In the first half of 2025, the combined passenger vehicle sales were only 94 units, of which Senya R7 sold only 70 units, a plunge of 89.5% compared to 892 units in the same period last year. Operating income for the first half of the year was only 599,000 USD, a year-on-year plunge of 82%. As of the end of June 2025, Chijet Motor Company's total liabilities were 657 million USD, owner's equity was -166 million USD, and it fell into a dilemma of being insolvent.
In terms of low-speed electric vehicles, Baoya has a production base in Langzhong, Sichuan. In late 2025, it won an order for 30,000 sanitation vehicles in Beijing. In early 2026, it received foreign trade orders from Southeast Asia, Africa, etc., and still maintains a certain order reserve in specific niche markets.
Baoya accumulated a certain level of technical capability in the early low-speed electric vehicle field and promoted the R&D of several frontier technologies during the passenger vehicle transformation.
Solid-state Battery Technology is the key direction for Baoya's layout in the power battery field. The company launched independent development research on solid-state battery matching technology, vehicle control, and solid-state battery management systems, and completed the verification of FB77 mock-up cars with ternary lithium battery and solid-state battery versions. Solid-state batteries are regarded by the industry as the next-generation power battery technology direction, which can fundamentally improve electric vehicle safety. However, regarding the progress of mass production of this technology, there has been no public mass vehicle installation information at the company level.
Smart Chassis and Cockpit: FB77 plans to be equipped with "Dolphin" AI smart chassis system and smart cockpit system, equipped with floating LCD instrument cluster and large central control screen. The vehicle is also planned to be equipped with hub motors, smart domain controllers, VCU (Vehicle Control Unit), as well as smart front and rear headlight modules.
Certification and Technical Standards: Baoya's products have passed ISO9000 and ISO/TS16949 quality system certifications, as well as CE certification, E-MARK certification, and EEC certification. It is the first domestic enterprise to obtain low-speed electric vehicle European certification. The company owns various patent technologies over 40 items, involving whole vehicle and key component design.
Thermal Management and Lightweight Technology are also important parts of Baoya's R&D system. Its Dezhou production base has conducted special planning according to the concept of electric vehicles in terms of new energy vehicle whole vehicle manufacturing processes and production line layout.
Baoya started early in exports, establishing sales networks in over 50 countries and regions worldwide, covering markets in Europe, the Americas, and Southeast Asia. The company is one of the earliest Chinese enterprises to obtain low-speed electric vehicle European certification. This first-mover advantage has enabled it to accumulate a certain customer base in the overseas micro electric vehicle field.
At the electric three-wheeler production base in Langzhong, Sichuan, Baoya won an order for 30,000 sanitation vehicles in Beijing at the end of 2025. In early 2026, it received foreign trade orders from Southeast Asia, Africa, etc., and has clearly planned to export products to developed regions such as Europe and America.
However, Baoya's overseas business is more concentrated in the low-speed electric vehicle, electric three-wheeler, and special vehicle fields, and its performance in passenger vehicle exports is relatively weak. With Chijet Motor Company listing on NASDAQ, the company has repeatedly emphasized the globalization strategy, but in terms of actual sales volume, large-scale export of passenger vehicle products to overseas markets has not yet appeared.
Baoya's future prospects show a clear polarized trend. On one hand, the company still has existing orders and overseas market foundations in the low-speed electric vehicle field and has maintained a certain level of R&D investment in technical fields such as solid-state batteries; on the other hand, its passenger vehicle transformation has been difficult, multiple products of its controlling subsidiary FAW Jilin continue to sell poorly, and the listed entity Chijet Motor Company has fallen into serious financial challenges.
Sustainability and Development of Passenger Vehicle Business is the biggest challenge Baoya faces. The data of passenger vehicle sales of only 94 units and revenue plummeting 82% in the first half of 2025 clearly reflects the huge market gap between Baoya-FAW Jilin's Senya R7, V60, T80 and other products and the head micro new energy vehicle models such as BYD Dolphin and Wuling Hongguang MINIEV of the same period. If the dilemma is to be reversed, the company needs to comprehensively reshape product definition, cost control, and channel networks.
Mass Production Prospects of FB77 and Solid-State Batteries will be the key variables determining whether Baoya can "turn over again for a second time". FB77, as Baoya's first self-developed high-end pure electric coupe project, if mass production delivery can be realized after 2026 and combined with the substantial landing of solid-state battery technology, is expected to reshape market perception of the Baoya brand. However, given the current financial status and production capacity release rhythm, the realization of this goal has significant uncertainty.
Expansion of Export Business is the relatively certain incremental space for Baoya. Against the background of continued growth in overseas demand for electric three-wheelers and low-speed electric vehicles, Baoya is expected to maintain order rhythm and steadily expand export scale in niche fields by leveraging its existing European certification qualifications and global channel network in over 50 countries.
Capital Restructuring and Relief will be the core factor affecting Baoya's future direction. The 3 billion RMB capital injection in March 2026 certainly provided short-term capital support for R&D and channels, but given Chijet Motor Company's insolvency and a year-on-year expansion of losses by 95% in half a year, the company needs a more systematic financial restructuring plan.
Overall, Baoya is at the most critical transformation juncture in its brand history—whether it can transform from a "grassroots hero" of the low-speed electric vehicle era to a new energy passenger vehicle enterprise with real market competitiveness will depend on the final delivery rhythm of FB77, the industrialization progress of solid-state battery technology, and the continuous investment intensity of the capital party Wu Lichun team in subsequent rounds.
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