Electric Vehicle Makers
The market for upstart Chinese electric vehicle makers is an exciting one. In one moment, you’re at the top in the universe, displaying an autonomous crossover sporting the largest infotainment display ever at the world’s largest tech conference. You promise that the production is right in the near future. Two years after, you’re struggling to stay above the water.
This tale is the work of some brands including some like Faraday Future and in particular Nio who stepped a few inches from death in order to be free of the debt. With the assistance of the government and, naturally. Byton could not be so fortunate, as per the story of Nikkei Asia:
The court of Nanjing, Jiangsu Province, was hearing on Monday the case from Shanghai Huaxun Network System Co. which is a creditor of Byton. Shanghai Huaxun has filed for bankruptcy in WI proceedings against Nanjing Zhixing New Energy Vehicle Technology Development Co., Byton’s principal business unit.
Suspending employees’ wages
has suspended employees’ wages as its factories closed, according to an insider at the business. Byton was the first to unveil its first M-Byte concept vehicle in the year 2018 has yet to launch commercial production, which was initially scheduled for 2019. If the company does introduce products in the near future, Byton cars would not compete with. In the current market, competitors are not competitive according to the person. The person also noted.
Byton did not respond immediately to a request to comment on the bankruptcy proceedings and its most recent business issues.
If you’ve been keeping track of Byton you’ll recall that the company’s two CEOs over the last 24 months. The first, Carsten Breitfeld, the former vice engineer and product manager at i8 quit the company to join Faraday Future in 2019. Then, a year later the co-founder Daniel Kirchert left for Evergrande. They’re not hot either.
Byton who had previously enjoyed the support by Foxconn, Tencent and state-owned company First Auto Works, revealed his first indication of trouble towards the end of 2019 when he was unable to pass the round table. The alliance with FAW has also caused conflict between supporters of the government who backed Byton and Breitfeld and Breitfeld, who later informed the media that accepting FAW’s funds had effectively weakened his power as CEO. In the Edge report on Breitfeld quitting in the past two years:
My guess is that they’re likely go to the point that when the entire Byton case is resolved and they’ll just retain the facility as well as system,” the man said. speaking of the manufacturing plant. From Byton through Nanjing, China, and the technology behind the vehicle of the startup. Breitfeld added that FAW had approved Byton’s expenditures and a large portion of the engineering team from Byton quit the company. “Everyone who runs the business today is marketing and public relations,” he said. “The technical staff are gone. And, by the way, in the future , you may see them in a place that is close to me.
G / O Media may make a profit
Foxconn is still cooperating with Byton. But, he has also made the decision that if he wants electric vehicles done properly, he could be able to make them himself under the brand of his own. In the meantime, Tencent has their fingers in Geely’s and Evergrande’s pies. Byton’s family and their hefty pockets are disappearing, or at the very least leaving the danger of failure behind.
As someone who attended Breitfeld’s CES 2019 press conference and got the opportunity to speak with Breitfeld I’m not able to overstate the impact that the company was able to generate during the event. It’s true that you can dazzle people with the latest display options in an electric car at a trade show like CES an event where many people believe that flying taxis will never be older than five years. Making the media awestruck is simple but the serialization process is a different matter. But Byton emerged from the ashes and brought the energy of the time. It is also important to keep in mind the fact that Faraday Future was considered a joke back then. Oh how the tables have turned.