Baidu (BIDU) and Geely's electric vehicle joint venture Ji Yue Auto announced a restructuring plan to streamline operations and raise new capital in response to intense competition in China's EV market, multiple media outlets reported Wednesday, citing a company statement.
The company plans to merge overlapping roles, eliminate non-profitable projects, and secure additional funding to bolster its financial position, Reuters reported. Deliveries will continue as normal, though some customers may face delays, the report said.
Ji Yue Auto CEO Xia Yiping acknowledged the company's financial struggles, and emphasized that a significant overhaul of its operating units would be crucial for Ji Yue's survival, South China Morning Post reported. Yiping did not specify which business units would be shut down or how many employees might be impacted but said that the company's restructuring plan received "full support" from shareholders, the report added.
The companies did not immediately respond to MT Newswires' requests for comment.
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