Electric vehicle manufacturer Jiyue will downscale its operations while securing fresh capital in a bid to stay in the competition, the South China Morning Post reported Thursday.
The Baidu (HKG:9888) and Geely Automobile (HKG:0175)-backed premium EV maker will scrap projects that are not cash-generating, while it will also pursue mergers of business units to ensure operational efficiency, the report said, citing a letter seen by the newspaper.
"All measures will be taken to adapt to the new situations amid the rebirth of the company," the SCMP quoted Jiuyue as saying.
The measures come as social media rumors spread saying Jiyue is nearing liquidation due to poor sales, the report said.
(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.)
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