Market Chatter: Ji Yue Auto to Overhaul Business Strategies to Stay Afloat

MT Newswires Live12-12

Ji Yue Auto, the joint venture of Baidu (HKG:9888) and Geely Automobile (HKG:0175), said it would seek to raise funds and introduce some cost-cutting measures to stay afloat within the competitive automobile sector, Reuters reported Wednesday.

Some of the measures the automobile maker was considering were merging departments and positions with duplicate functions, as well as terminating projects that would not contribute financially in the short term, the report said, citing the company's statement on its social media account.

The carmaker said there could be some delays in its deliveries amid business adjustments, but told buyers that it would make sure to arrange payments in an orderly manner.

Baidu's shares jumped less than 4% and Geely's shares rose more than 2% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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