Song Jingli

The CEO said changes have brought temporary pain, but the positive impact will be far-reaching, enabling a more solid and long-lasting future for his company.

An e-commerce app is still absent in the app factory which has created TikTok and Jinri Toutiao.

Both companies are seeking ways to cut costs.

It also recently bagged Qimao Novels, a free literature app and the Q&A platform Zhihu, which is similar to Quora.

Sequoia Capital China and Reinsurance Group of America are its investors too.

Part of the social commerce site’s client-to-manufacturing plan.

With new funds in hand, Lixiang says it will start to mass produce its first hybrid SUV in October.

Alibaba, Tencent, Amazon, and Huawei are already in the city-state.