Byton suspending operations for six months due to financial trouble

Chinese EV startup Byton is halting operations for at least six months due to financial problems that have been exacerbated by the COVID-19 pandemic, the company has confirmed to The Verge, following reports from The Detroit Bureau and local media. This comes after employees in China have complained they are collectively owed millions of dollars while the company struggled to complete a $500 million funding round.

Byton already furloughed hundreds of workers at its North American headquarters in Silicon Valley in April and all but admitted that its first vehicle — an all-electric SUV with a massive dashboard screen called the M-Byte — would be delayed again due to the impact of the pandemic. This is all despite Byton being backed by…

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via The Verge – All Posts

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