Byton, a Chinese-German electric vehicle startup, is on the brink of bankruptcy.
According to Nikkei Asia, Byton, a Chinese-German electric vehicle startup, is on the verge of bankruptcy. Creditors have filed insolvency claims against Nanjing Zhixing New Energy Vehicle.
Recall that Byton is a sensational project co-founded by former BMW i CEO Carsten Breitfeld and Nissan Motor top manager Daniel Kirchert. The company was going to produce premium electric crossovers of its own design. One of the startup’s concepts is a 4.9-meter Byton M-Byte with a 48-inch display in the cabin. The car was first presented in 2018, and the production version of the model was supposed to be released in 2019, but its release was postponed until 2022, this deadline is still valid.
Nikkei representatives believe that the serial production of Byton cars will not begin at all. Investors such as FAW and Taiwanese electronics manufacturer Foxconn have lost interest in the company. As early as 2020, they stopped investing in Byton. The brand’s last major investor was the Nanjing Zhixing New Energy Vehicle, but it is now in a difficult financial position itself. Ultimately, Byton does not have the funds to launch the M-Byte crossover into a series, most likely, the startup will be declared bankrupt in the coming months.