On the afternoon of May 19th, a reporter from securities firm China learned that Didi Cheng and Liu Qing had released an internal full staff letter. The letter mentioned that Cheng Wei has decided to appoint Liu Qing as the permanent partner of the company. Liu Qing will no longer serve as a director and president of the company, and the company will no longer have a CEO position in the future.
The internal letter mentioned that Liu Qing's department and responsibilities will remain unchanged, and he will continue to serve as the Chief Talent Officer of the company, focusing on talent, organizational development, and social responsibility work, and continue to report to the Chairman and CEO Cheng Wei.
Liu Qing expressed that she hopes to focus more on the long-term construction of the company in the future, so she has applied to the board of directors and Cheng Wei, hoping to no longer serve as a director and president.
The following is the full text of the employee letter:
A letter from Will and Jean
Dear little oranges
Although we often participate in offline activities and meetings of various teams, it has been a while since we communicated with everyone in this way. We apologize to everyone. This time we have an idea that we have considered for a long time and would like to communicate with everyone as soon as possible here:
Liu Qing: In just over a month, I will have been with Didi for ten years. Along the way, there have been too many emotions and emotions, and I am also full of expectations for the future, rubbing my hands together. At the same time, I hope to focus more on the long-term development of the company in the future. Therefore, I have applied to the board of directors and Will (Cheng Wei), hoping to no longer serve as a director and president, but to focus on talent and organizational development, functional development, and social responsibility work in the company. This is something that I really want to do in my heart. Please rest assured that I will continue to work side by side with everyone and welcome myself in the next decade at Didi in my best condition.
Cheng Wei: We talked for a long time about the idea proposed by Jean (Liu Qing), and ultimately, I respect and understand it. After ten years of trials and tribulations, as the co-founder of the company, Jean is my closest comrade and partner, and also in the future. So I have decided to promote Jean to the position of permanent partner of the company, continue to report to me, and contribute to the sustainable development of Didi's foundation. Although Jean no longer serves as the President, his department and responsibilities remain unchanged. He continues to serve as the Chief Talent Officer, promoting organizational change and talent growth, and working with me to drive the company's work in social responsibility. In addition, the company will no longer have a CEO position in the future. The next decade will be full of opportunities and challenges, and Jean and I will continue to walk shoulder to shoulder with everyone.
Didi is about to turn 12 years old, and it has been a difficult journey. Thank you to every little orange for accompanying us forward. Although the road is obstructed and long, the future is promising. We hope that we will not forget our original intention of "making travel better", be down-to-earth, and serve every driver and user well.
Will& Jean
May 19, 2024
Last year, domestic travel revenue increased by 39% year-on-year
On March 23rd, Didi released its fourth quarter and full year performance for 2023 on its official website. According to the financial report, in 2023, Didi achieved a total revenue of 192.4 billion yuan, a year-on-year increase of 36.6%; The net profit was 540 million yuan, achieving a positive annual net profit and an adjusted EBITA loss of 2.16 billion yuan. Among them, China's total travel revenue was 175 billion yuan, a year-on-year increase of 39.0%; The total revenue of international travel business was 7.8 billion yuan, a year-on-year increase of 33.8%.
Didi Chairman and CEO Cheng Wei said, "In 2023, the potential of the travel market continues to be unleashed. Thanks to this, our business has maintained healthy growth and continued to improve efficiency. We are confident in our future development. In 2024, we will continue to focus on our main business, promote the healthy development of domestic and international businesses, promote innovation in technology, products, and services, and better serve passengers, drivers, and ecological partners."
In August 2023, Didi and Xiaopeng Motors announced an agreement to acquire Didi's intelligent vehicle development business assets for a maximum total consideration of HKD 5.835 billion. A Chinese journalist from a securities firm noticed that Didi disclosed in its financial report that the transaction under the share purchase agreement signed between Didi and Xiaopeng has been completed, and Didi currently holds a minority stake in Xiaopeng Motors.
In addition, Didi announced a share buyback plan of no more than $1 billion in November 2023 and is currently executing it according to the plan. As of the end of February 2024, Didi has repurchased 14.9 million shares of ADS, equivalent to approximately $54.4 million, and has been deregistered.
A Chinese journalist from a securities firm noticed that since 2024, Didi ADR (American Depositary Receipts) has risen by 21.01%, with the latest closing price of $4.78 and a total market value of $23.233 billion, equivalent to approximately RMB 167.842 billion.
Hand in hand with Ningde Era
On January 28th, Ningde Times and Didi Chuxing announced simultaneously that they had signed a joint venture agreement on January 26th. Didi and its digital energy service platform, Xiaoju Energy, and Ningde Times announced the official establishment of a joint venture company for battery swapping. It is worth noting that Cheng Wei, Chairman and CEO of Didi, and Zeng Yuqun, Chairman and General Manager of CATL, attended the event and witnessed the signing of the contract. Both parties attach great importance to this cooperation.
According to the agreement, the battery swapping joint venture company will leverage the technical advantages and operational capabilities of both parties to jointly provide efficient battery swapping services for numerous new energy vehicles from the perspective of ride hailing scenarios. In addition to establishing a joint venture company for battery swapping, Didi's Xiaoju Energy has also formed a strategic cooperation intention with CATL to promote cooperation in a wider range of new energy fields such as integrated storage and charging.
Both sides stated that "the public transportation market has the characteristics of a large user base, high frequency of energy replenishment, and strong timeliness requirements, making it one of the most valuable application scenarios for battery swapping services. In the process of cooperation, with the establishment of the battery swapping joint venture, the two sides will closely cooperate to quickly scale the installation of battery swapping stations, promote battery swapping models, improve the operational efficiency of the public energy replenishment market, and promote the green transformation of transportation."
According to data disclosed by the China Charging Alliance, as of the end of 2023, the total number of battery swapping stations in China was 3567. As a comparison, in early January 2023, the total number of battery swapping stations in China was 2000, with an annual growth rate of about 80%. As of now, NIO, Aodong, and Yiyi Interconnection are the main operators in the battery swapping industry, with 2333, 685, and 271 battery swapping stations respectively.
Since the introduction of the battery swapping mode, the inconsistent standards in various aspects such as battery swapping safety and battery swapping interfaces have been limiting the development of the industry. Since NIO announced the opening of its battery swapping network at the end of last year, various parties in the industry chain have begun to explore battery swapping business through alliances, and the unity of battery swapping models and standards is a key content.
At the policy level, the battery swapping model is receiving continuous recognition from industry policies. At the National Conference on Industry and Information Technology held in December 2023, the Ministry of Industry and Information Technology once again expressed its support for the development of new energy vehicle battery swapping models. In the same month, the Ministry of Industry and Information Technology, the Ministry of Finance, and the State Administration of Taxation jointly issued a notice on adjusting the technical requirements for new energy vehicle products with reduced or exempted vehicle purchase tax, clarifying the relevant requirements for battery swapping mode vehicle models. The person in charge of the Equipment Industry Department of the Ministry of Industry and Information Technology interpreted that the battery swapping mode has certain advantages in reducing car purchase costs, eliminating mileage anxiety, and improving safety levels. This move is to support the innovative development of the battery swapping mode.
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