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Cars Corona crisis has hit e-car maker Byton

16:31  30 june  2020
16:31  30 june  2020 Source:   dw.com

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Chinese electric vehicle (EV) maker Byton , which is facing a management shake-up and questions about funding an expansion, said it has received over 50 Byton had raised 0 million in the series B round last year. Byton aims to hit the 100,000 unit production level around 2021-2022, he said.

Chinese electric vehicle maker Byton revealed that its USD 500 million Series C funding will reach the company soon, 36Kr reported, citing co-founder and CEO Daniel Kirchert. The startup’s Series C round was originally scheduled to close by the end of June, but has dragged on since then.

The corona virus has left its mark on the auto industry. China's e-car maker Byton, which started with big plans, will stop production at the end of the month.

Provided by Deutsche Welle © picture-alliance / newscom / J. Atoa Provided by Deutsche Welle

The corona crisis puts Chinese electric car maker Byton under pressure. The company, which was founded three years ago with ambitious expansion plans, announced on Tuesday that production would be suspended from July 1 in order to reorganize itself.

"The new coronavirus pandemic posed major challenges to Byton's financing and operations," said the company, whose investors include state-owned automaker FAW and battery maker CATL. After consultation with the shareholders, the decision was therefore taken to launch a plan to reduce personnel costs and to strategically reorganize.

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“ Byton has announced the adjustment of governance structure in late January this year. There is no update on this topic at this point,” added the EV maker . Sale of new energy passenger cars including all-electric vehicles will hit 1.7 million units in 2019, according to data from the China Passenger Car

On top of the human toll, the Corona crisis is an economic shock unlike anything we’ve seen for a long time. Sectors like retail, mobility and travel are Which changes are cyclical and which are structural? In this 12-page presentation we provide an initial view of the impact of the Corona crisis on startups

Byton-Highlight: Ein riesiges Display, über das sich sämtliche Funktionen steuern lassen. © picture-alliance / newscom / J. Atoa Byton highlight: A huge display that can be used to control all functions.

Byton is one of a series of newly founded Tesla challengers with which China wants to build its own e-car industry. The startup from Nanjing was one of the few that was trusted to gain a foothold outside of China. At several auto shows, most recently at the IAA in Frankfurt last year, the management drummed for the M-Byte electric SUV, which is also to be launched in Europe in 2021.

It was only in April that the Electrek service reported that Byton had sent hundreds of employees on vacation to Santa Clara, California. Byton was launched in September 2017 by Future Mobility, a company co-founded by former BMW and Nissan managers.

hb / bea (rtr)

IfW - Exports bottoming out .
Berlin, Jun 10 (Reuters) - The Kiel Institute for the World Economy (IfW) sees the sharp slump in German exports in April as the low point of the current economic crisis. "The crash in April was at the bottom, we do not expect a further decline in the further course of the year, but a gradual recovery," said IfW economic chief Stefan Kooths in a preliminary report to the newspapers of the "Funke Mediengruppe" (Wednesday editions).

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