Chinese electric car startup Byton could restart operations. It has, according to media reports, applied to the Chinese authorities to register a new company called Shengteng. If it is granted a license this month, it plans to raise the equivalent of 245 million euros with the help of Byton investor FAW Group to build the M-Byte model in series.
Byton had closed its operations for six months in early July this year due to financial problems. The startup had already announced in April that it would cut half of its 450 jobs in the USA. In March of this year, Byton announced that its SUV M-Byte would be available for pre-order in the second half of 2020. At that time, 65,000 reservations for the.000 reservations had been made for the e-car, 25.000 of them from Germany. The production plant in China has been completed and the Chinese government has given the go-ahead. The coronavirus crisis got in the way of Byton, investors withheld their remittances.
M-Byte from Byton – outside and inside
Whether the balls were all in or still to go in, we don’t know.
Of the thousands of Byton employees, a skeleton crew of 100 remained at last count, reports business magazine KrAsia. In the next two weeks, the startup plans to double its workforce. Perhaps Byton’s signs of life are falling on fertile ground, as the market for electric cars in China has recovered somewhat in the past three months.