Shulou(Shulou.com)11/24 Report--

Thank CTOnews.com netizens er Xianqiao for the clue delivery! CTOnews.com, December 27, 2018, Zhejiang Geely holding Group Co., Ltd. sued Weimar in court for "infringing trade secrets", demanding compensation of 2.1 billion yuan and related litigation costs. The case has been tried many times over the years and has recently ushered in a verdict of first instance.

According to Caijing Automobile, the judgment of first instance was issued in September. According to the verdict of the Shanghai higher people's Court, Weimar needs to compensate Geely 7 million yuan, including 5 million yuan for economic losses and 2 million yuan for various expenses to stop the infringement. In addition, Weimar will stop using the five auto parts drawings used in the EX5 model. After hearing, the court found that the relevant information of the five drawings belonged to Geely. It is reported that the drawings of the five parts are the front stabilizer assembly, the rear axle assembly installation bracket, the front suspension left lower swing arm, the front stabilizer left bushing and the rear axle assembly, all of which are automobile chassis parts.

In response, Weimar responded that the verdict of the case has not yet taken effect, Weimar has appealed; the suspension of drawings has no material impact on the company or has little impact.

CTOnews.com learned that Weimar's Hong Kong stock offering prospectus filed in June this year showed that Weimar's total revenue in 2021 was 6.364 billion yuan, an increase of 77.5 percent over the same period last year. But the net loss widened further, from 4.145 billion yuan in 2019 to 8.206 billion yuan in 2021.

In addition, on November 21, there were media reports that Shen Hui, chairman of Weimar Motor and CEO, sent an internal letter to all employees asking for a pay cut to reduce operating costs. Among them, senior employees (M4 and above) cut their salaries by 50 per cent, while other employees paid 70 per cent base salary, postponed the monthly payday and cancelled the year-end bonus.

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