We know everything about bankruptcy
24/11/2024
Sunday
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
CHINESE ELECTRIC VEHICLES STARTUP BYTON IS AT RISK OF BANKRUPTCY
Future Mobility company, which planned to produce modern cars under the Byton brand, was founded by the former heads of BMW and Nissan dealerships in Hong Kong. Thanks to the support of the Chinese leadership, the startup has received hefty subsidies, giving investors hope.
In 2017, the firm changed its name to Zhixing New Energy, and the Nanjing administration became its investor with a 19.4% stake. Financial investments in the company were made by the FAW auto concern, Foxconn (Taiwan) and the Tencent Holdings group of companies. In 2018, the trading holding Suning and Fullshare was added to the group of investors, and the company, having acquired one of the FAW structures (at a price of $ 133 million), thereby received the necessary license for the production of vehicles.
The M-Byte model did not debut in 2019.
The company itself underwent personnel changes, and at the end of the year, the COVID-19 pandemic began in China. Already in 2020, the company sent employees (about 1.5 thousand people) on unpaid leave, and the activities of the enterprise were actually stopped.
The plans to fill the market with electric cars by 2022, apparently, are not destined to come true. While competing companies (Xpeng and Nio) have successfully launched similar models of electric cars on the market, the Byton brand is still only a project. In the middle of last year, the firm made a decision to suspend corporate reorganization operations until 2021.
An attempt to fix the negative reputation by registering a new Shengteng company was also unsuccessful. It was not possible to attract $ 289 million from an investor represented by FAW Corporation.
In mid-September, it was reported that cooperation with Foxconn had also been suspended indefinitely.
Experts note that the Byton models themselves, which seemed interesting in 2018, require technical modernization, while the firm can no longer hire foreign engineers. We should remind our readers that back in April 2021, Rusbankrot wrote about the bankruptcy of Byton GmbH, the subsidiary of a Chinese manufacturer in Germany.
