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.

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