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Ji Yue Auto Reportedly Downsizing Operations Amid EV Market Challenges","url":"https://stock-news.laohu8.com/highlight/detail?id=2490310386","media":"MT Newswires Live","labels":[],"top":-1,"itemType":null,"share":"https://ttm.financial/m/news/2490310386?lang=en_us&edition=fundamental","pubTime":"2024-12-12 21:49","pubTimestamp":1734011365,"startTime":"0","endTime":"0","summary":"Baidu  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 News","market":"sg","thumbnail":null,"type":0,"news_type":0,"thumbnails":[],"rights":null,"property":[],"language":"en","translate_title":"","themeId":null,"theme_name":"","theme_type":"","isJumpTheme":false,"source_url":"https://www.mtnewswires.com/","is_publish_highlight":false,"source_rank":0,"column":"","sentiment":"-1","news_top_title":null,"news_tag":"","news_rank":0,"length":0,"strategy_id":0,"source":"mtnewswires_news","symbols":["HK0000306685.HKD","LU0197773673.USD","LU0359202008.SGD","LU0821914370.USD","BK4077","BK4526","LU0039217434.USD","LU2778985437.USD","09888","BK4579","LU0320764599.SGD","LU0173614495.USD","LU0348735423.USD","LU0326950275.SGD","BK4574","LU0823426480.USD","LU1048588211.SGD","BK4552","LU0072462343.USD","LU1115378108.SGD","LU0543330566.HKD","LU0456827905.SGD","IE00B0JY6N72.USD","LU0348825331.USD","SG9999002463.SGD","BK1575","LU0163747925.USD","SG9999014674.SGD","LU0417516738.SGD","BK1609","HK0000320223.HKD","BK4548","LU0197773160.USD","BK4504","LU1048596156.SGD","BK1588","BK4585","LU0052750758.USD","LU0819121731.USD","LU0315179316.USD","LU0228367735.SGD","89888","LU0630378692.HKD","BIDU","LU0708995583.HKD","LU2039709279.SGD","LU0630378429.USD","BK1095","LU0307460666.USD","LU0588546209.SGD"],"gpt_icon":1},{"id":"2490806052","title":"Baidu, Geely's EV venture faces uproar after it says needs fresh funds","url":"https://stock-news.laohu8.com/highlight/detail?id=2490806052","media":"Reuters","labels":["shareholding"],"top":-1,"itemType":null,"share":"https://ttm.financial/m/news/2490806052?lang=en_us&edition=fundamental","pubTime":"2024-12-12 19:11","pubTimestamp":1734001916,"startTime":"0","endTime":"0","summary":"BEIJING, Dec 12 (Reuters) - The CEO of China's Ji Yue Auto was surrounded by people demanding to know how they would be paid, videos posted online on Thursday showed, a day after the EV maker said it ","market":"sh","thumbnail":null,"type":0,"news_type":0,"thumbnails":[],"rights":null,"property":[],"language":"en","translate_title":"","themeId":null,"theme_name":"","theme_type":"","isJumpTheme":false,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_publish_highlight":false,"source_rank":0,"column":"","sentiment":"-1","news_top_title":null,"news_tag":"shareholding","news_rank":0,"length":0,"strategy_id":0,"source":null,"symbols":["LU2476274308.USD","IE00BZ08YT58.USD","LU0052750758.USD","LU1048588211.SGD","HK0000306685.HKD","BIDU","HK0000306701.USD","LU0856984785.SGD","LU0039217434.USD","80175","LU0051755006.USD","HK0000320223.HKD","89888","IE00BZ08YS42.EUR","BK1521","HK0000320264.USD","LU0640798160.USD","LU0043850808.USD","LU0359202008.SGD","LU0287142896.SGD","LU0821914370.USD","SG9999014674.SGD","LU0326950275.SGD","EVS.SI","IE00B0JY6N72.USD","LU0315179316.USD","LU0762540952.USD","BK1588","LU0543330566.HKD","LU1115378108.SGD","LU2039709279.SGD","BK1589","LU0348825331.USD","00175","LU0359201612.USD","LU0630378429.USD","LU0823426480.USD","LU1023057109.AUD","LU0823426308.USD","LU0228367735.SGD","LU0197773160.USD","09888","LU0762541174.USD","SG9999002828.SGD","LU0197773673.USD","LU0229945570.USD","LU0630378692.HKD","GELYY","LU0819121731.USD","BK1575"],"gpt_icon":1},{"id":"2490829337","title":"Market Chatter: Ji Yue Auto to Overhaul Business Strategies to Stay Afloat","url":"https://stock-news.laohu8.com/highlight/detail?id=2490829337","media":"MT Newswires Live","labels":["corporation"],"top":-1,"itemType":null,"share":"https://ttm.financial/m/news/2490829337?lang=en_us&edition=fundamental","pubTime":"2024-12-12 13:02","pubTimestamp":1733979727,"startTime":"0","endTime":"0","summary":"Ji Yue Auto, the joint venture of Baidu  and Geely Automobile , 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":"hk","thumbnail":null,"type":0,"news_type":0,"thumbnails":[],"rights":null,"property":[],"language":"en","translate_title":"","themeId":null,"theme_name":"","theme_type":"","isJumpTheme":false,"source_url":"https://www.mtnewswires.com/","is_publish_highlight":false,"source_rank":0,"column":"","sentiment":"-1","news_top_title":null,"news_tag":"corporation","news_rank":0,"length":0,"strategy_id":0,"source":"mtnewswires_news","symbols":["LU0819121731.USD","LU0823426480.USD","LU0229945570.USD","HK0000320223.HKD","LU0348735423.USD","LU0762540952.USD","LU0326950275.SGD","EVS.SI","LU0543330566.HKD","LU0039217434.USD","LU0228367735.SGD","BK1119","LU0197773673.USD","LU0630378429.USD","IE00BZ08YS42.EUR","LU0315179316.USD","09888","LU0043850808.USD","IE00BZ08YT58.USD","LU0417516902.SGD","IE0034224299.USD","LU0831093199.SGD","SG9999002463.SGD","80175","89888","LU1023057109.AUD","HK0000306685.HKD","LU2039709279.SGD","LU0762542818.HKD","BK1588","LU0052750758.USD","LU0417516738.SGD","BK1521","LU1048588211.SGD","IE00BZ08YR35.GBP","LU0823426308.USD","SG9999014674.SGD","LU0708995583.HKD","00175","GELYY","LU0640798160.USD","LU0856984785.SGD","LU0359201612.USD","LU0051755006.USD","LU0821914370.USD","LU0456827905.SGD","HK0000306701.USD","LU0197773160.USD","BK1539","BIDU"],"gpt_icon":1},{"id":"2490857357","title":"Baidu-backed Ji Yue Auto to streamline operations, seeks to raise fresh funds","url":"https://stock-news.laohu8.com/highlight/detail?id=2490857357","media":"Reuters","labels":[],"top":-1,"itemType":null,"share":"https://ttm.financial/m/news/2490857357?lang=en_us&edition=fundamental","pubTime":"2024-12-11 21:49","pubTimestamp":1733924970,"startTime":"0","endTime":"0","summary":"UPDATE 1-Baidu-backed Ji Yue Auto to streamline operations, seeks to raise fresh fundsAdds more details from statement, background from paragraph 3BEIJING, Dec 11 (Reuters) - 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Baidu    and Geely's  carmaking joint venture, Ji Yue, is actively raising funds and plans to streamline its operations, it said on social media on Wednesday.    Ji Yue will merge departments and positions with duplicate functions and overhaul inefficient internal processes, it said.   The automaker will also ditch projects that do not add to its financial performance in the short-term, it said. 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