The coronavirus pandemic has caused disruption in many industries, including automotive. Unable to financing in this climate, China-based startup automaker Byton has had to put its activities on hold until better times.
Once-promising battery-car start-up Byton is suspending operations for the next six months, but the prospects for the company then being able to get back to business seem slim, according to sources both inside and outside the company.
Best known for the 48-inch video display topping the instrument panel of its M-Byte SUV, Byton seemed poised for success as recently as last winter, the company showing off a production version of the electric-ute at the 2020 Consumer Electronics Show in Las Vegas. Byton had completed its assembly plant and China and even won the coveted license from government regulators needed to go into production. But then the coronavirus pandemic struck and, as the Chinese market was forced into lockdown, things turned south.
In April, the automaker confirmed it would furlough about half of the 450 employees at its U.S. operations. Now, virtually all staff around the world will be let go, spokesman Dave Buchko told TheDetroitBureau.com Monday afternoon.
Other promising newcomers that appear to be in financial difficulty include Nio and Faraday Future.
Previously » June 26, 2020 » Elektroauto-News (German) » Byton in financial difficulties due to Corona
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