Baidu-backed Chinese EV maker Jiyue to cut operations, payroll to survive brutal race

Quick Summary:

Some projects will be scrapped and some business units merged in an all-out’ effort towards rebirth’, CEO says.

The CEO did not elaborate on which business units would cease or how many employees would be affected.

Jiyue, a premium electric vehicle (EV) maker backed by Chinese search-engine firm Baidu, will downsize its operations while pursuing fresh capital to withstand vicious competition.

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Article Details

Author / Journalist: Daniel Ren

Category: Business

Markets: Hong KongChina

Topics: Employees Units Letter Wednesday Improve Company Business “the Management Statement Jiyue

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-12 @ 07:30:11 (3 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 220 words

Reading Time: 2 minutes read

Sentences: 5 lines

Sentence Length: 44 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 24406774

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