Byton, the Chinese electric car manufacturer born in 2016, would be located in a critical financial situation enough to have decided to stop its activities for at least 6 months. A liquidity problem that would have been amplified by the outbreak of the health emergency which, as is known, has hit the whole automotive world hard. That something was not going right had long since emerged.
Chinese society he had already fired most of his workers all over the world. The board of directors is now looking for ways to bring forward the company whose future is very uncertain. It should also be understood what will happen to the M-Byte electric SUV project whose production, in theory, should have started next year. In addition, there would already be 60,000 reservations on the card. A very critical situation, despite behind this company is First Auto Works (FAW), the largest automobile manufacturer in China, the same one that will invest in Italy to produce electric and hybrid cars.
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Precisely for the presence of FAW, many thought that Byton could have a future and not disappear from the scenes as happened to other Chinese startups. In addition, the builder had completed its third round of financing in January. But setting up a factory for the production of its model requires large investments and a crisis like that of Coronavirus was certainly not foreseeable.
The end result is that Byton’s fate hangs in the balance. It is not clear what can happen now. For some analysts, the company may be sold to a Chinese auto maker to start production of the electric model.
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