Cao Cao Travel was exposed to large-scale layoffs, and responded that the news was untrue, and it was normal business optimization

Source: Visual China

Reporter | Wu Yangyu

On June 8, in response to the news of large layoffs on the Internet, Cao Cao Travel responded to Jiemian News saying that the news was untrue. This adjustment is the normal business optimization adopted by the company, and the company will focus more on the core business of online car-hailing.

Previously, according to media reports, many Cao Cao travel employees reported that the company is conducting a layoff of about 40% of its employees, and some employees have received notices from the company to negotiate their resignation. It is reported that employees who receive the notice need to leave on the same day, and some employees’ compensation plans are “N+2”.

In the past six months, Cao Cao’s travel has indeed undergone many major adjustments.

At the end of December last year, Jiemian News reported that Liu Jinliang, the former chairman of Cao Cao Chuxing and vice president of Geely Holding Group, left Cao Cao Chuxing, and Gong Xin, the CEO of Cao Cao Chuxing, took over from him to preside over the company’s operations.

At the end of March this year, Zhou Hang, the founder of Yidao Yongche, became the chairman of Cao Cao Travel. The Tianyancha App shows that on March 31, senior managers of Hangzhou Youxing Technology Co., Ltd., an affiliated company of Cao Cao Travel, added Zhou Hang as chairman and Zhang Quan as director, former chairman Liu Jinliang was changed to director, and former director Geely Holdings Group CEO Li Donghui resigned from the directorship.

Founded in 2015, Cao Cao Travel is a strategic investment business of Geely Holding Group’s layout of “new energy vehicle sharing ecology”. In 2019, “Cao Cao Special Car” was upgraded to “Cao Cao Travel”. Its product line covers online car-hailing, ride-hailing, intra-city distribution and other businesses. By the end of 2021, Cao Cao Travel has covered more than 60 cities across the country and has more than 600,000 registered drivers.

In September 2021, Cao Cao Travel announced the completion of 3.8 billion yuan in Series B financing. At the press conference, Li Shufu, chairman of Geely Holding Group, said that the deployment of large-scale travel is one of the key measures in Geely’s technology transformation strategy.