Byton closes for reorganizationJune 30, 2020
Byton, a young Chinese brand, seems to be in a difficult position. The company says it is shutting down for reorganization, which will absorb the impact associated with coronavirus.
As a carmaker, Byton immediately started with big ambitious plans, but “dark clouds are already gathering” above the company’s head office. Just at the time when Byton began to create the promising M-Byte in Nanjing, China, the crisis forced him to stop working on the project. After consulting with shareholders and creditors, Byton says it will cease production on July 1 to see how to make it more financially sustainable. Undoubtedly, the manufacturer will face the problem of the remuneration of his employees, and he hopes to survive with lower personnel costs and a new strategy.
Recall, Byton M-Byte should howl to enter the market next year. This is a fully electric SUV with an electric motor rated at 272 hp. and a battery of 72 kWh. The beginner’s range in WLTP will be 360 km. More powerful all-wheel drive version at 408 hp It has a 95 kWh battery and must travel on a single charge 435 km.
The initial cost of the SUV will be about 45,000 euros (3.58 million rubles.). With its new product, the company planned to enter the Norwegian, German, Swiss, French and Swedish markets. Now, whether all this will happen and when it happens will largely depend on how Byton comes out of this situation.
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