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Electric SUV M-Byte. (Photo: Byton)
No time right now?
The German subsidiary of the Chinese electric car startup Byton is insolvent. All employees in Germany and the USA have been laid off. It is unclear whether and how things will go on with Byton.
The Chinese e-car startup Byton, which was co-founded by German and French ex-BMW managers, had big plans. In 2018, the company presented the M-Byte in Las Vegas, an electric SUV that – at least in the Chinese market – was supposed to compete with Tesla and BYD for market leadership. The start of production, originally planned for the end of 2019, has been postponed several times. Byton has been struggling with financial problems since mid-2020 at the latest. This is now having an impact on the subsidiaries in Germany and the USA.
Hundreds of millions of dollars in default
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The employees of the two locations outside of China are said to have not received any salaries for a few months – they complained. The bottleneck is said to be due to canceled orders during the first corona wave. Promised tranches of money from business partners had not been transferred, said a company insider of Wirtschaftswoche. As a result, suppliers could no longer be paid, delivery stops and cancellations occurred. According to the insider, payment defaults should total several hundred million US dollars.
According to Wirtschaftswoche, the employees at the Byton locations in Munich and Santa Clara, California, have all been fired. The German Byton GmbH insolvent. The responsible district court in Munich has ordered the provisional insolvency administration for the Byton subsidiary. The judges appointed the Munich lawyer Michael Bauer, partner of the law firm Dr. Beck & Partner. Bauer is said to have previously examined the economic situation of Byton GmbH as an expert. This was preceded by an application for bankruptcy by a creditor.
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Foxconn entry: will it continue in the summer?
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How things will go on with Byton is unclear. At the beginning of the year, the Taiwanese Apple contract manufacturer Foxconn joined Byton and brought industrial resources of 200 million dollars into the corresponding partnership. This was a ray of hope for Byton, who is putting its business on hold until June due to liquidity constraints. The multi-million dollar auto plant in Nanjing is ready. Should Byton resume operations in the summer, the goal of rolling the M-Byte E-SUV off the production line in the first quarter of 2022 could perhaps be met.
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