Chinese EV startup Byton to suspend production from July 1 for reorganization
SHANGHAI, 1st July, 2020: China-based electric car startup Byton will suspend production from July 1 to conduct a reorganization of the firm after being hit by the coronavirus pandemic.
The company, which is backed by state-owned automaker FAW Group and battery supplier Contemporary Amperex Technology Co Ltd, said it was also actively raising funds to address issues relating to unpaid staff salaries and that it hoped to start paying employees from July.
"The new coronavirus epidemic has brought great challenges to Byton's financing and production operations," it said in a statement.
"After careful consideration and joint consultations with our shareholders and management, we have decided to, from July 1, kickstart a plan to lower employee costs and promote the company's strategic ...