Byton (company)
| Company type | Private |
|---|---|
| Industry | Automotive |
| Founded | 2017 |
| Founder | Former executives from BMW and Nissan |
| Defunct | 2021 |
| Fate | Filed for bankruptcy, operations suspended |
| Headquarters | Hong Kong , China |
Area served | China, Europe, United States (planned) |
Key people | Daniel Kirchert (former CEO), Carsten Breitfeld (former CEO) |
| Products | All-electric vehicles (Byton M-Byte, Byton K-Byte) |
Number of employees | (approximate half furloughed in 2020) |
| Parent | Nanjing Shengteng Automobile Technology Co., Ltd. |
| Website | www |
Byton was an automotive brand specializing in all-electric vehicles, founded in 2017 as a Chinese-German venture and registered in Hong Kong. It was established by former executives from BMW and Nissan. The company revealed its initial concept car in January 2018 and intended to introduce the M-Byte SUV, with production and market release originally planned for late 2019. Nevertheless, ongoing development setbacks and financial challenges caused multiple postponements of the launch.
In June 2020, Byton halted its operations to undergo a corporate restructuring process expected to last six months. The following year, the firm filed for bankruptcy, which led to an indefinite suspension of its partnership with manufacturing collaborator Foxconn.
History
In 2016, a joint venture named Future Mobility was created by Tencent, Foxconn, and luxury vehicle distributor Harmony New Energy Auto, aiming to deliver premium all-electric autonomous cars by 2020.
Future Mobility was co-founded by CEO Carsten Breitfeld and president Daniel Kirchert as a subsidiary of China Harmony New Energy Auto Holding Limited. In January 2017, the company announced plans for a $1.7 billion production plant in Nanjing, China, designed to initially produce 150,000 vehicles annually. Around this time, Future Mobility rebranded itself as Byton. In 2018, the state-owned enterprise First Auto Works (FAW) made a substantial investment in Byton.
Breitfeld resigned from his CEO position in April 2019 amid reports of interference from FAW and Chinese governmental bodies; Daniel Kirchert then took over as CEO. By April 2020, financial difficulties forced Byton to furlough approximately half of its North American workforce. By June 2020, the company paused vehicle production to focus on restructuring amid bankruptcy concerns.
On September 9, 2020, ownership of the brand transferred to Nanjing Shengteng Automobile Technology Co., Ltd., with FAW Equity Investment holding a 23.333% stake and Duan Lianxiang owning 6.6667%. In October 2020, CEO Kirchert stepped down due to persistent financial issues.
In January 2021, Taiwanese firm Foxconn formed a strategic alliance with Byton, committing $200 million and providing assistance in manufacturing and supply chain management.
Byton’s German subsidiary filed for insolvency in April 2021, while Chinese operations were suspended by July. In September 2021, Foxconn indefinitely discontinued the project due to ongoing financial instability at Byton.
Products
Byton planned to introduce three electric vehicle models by the year 2022.
Byton M-Byte
The Byton M-Byte is a mid-size SUV powered solely by electricity, first presented as a concept at the Consumer Electronics Show (CES) in Las Vegas on January 7, 2018. The company intended to begin sales by late 2019 across markets including China, Europe, and the United States.
Byton K-Byte
The Byton K-Byte is an electric sedan concept unveiled at CES Asia in June 2018, representing Byton’s vision for a luxury electric sedan equipped with advanced autonomous driving technologies.
See also
References
External links
- Articles with short description
- Chinese electric vehicle producers
- Manufacturers of battery electric vehicles
- Companies founded in China in 2016
- Automotive manufacturers established in 2016
- Producers of luxury automobiles
- Automobile manufacturers based in Hong Kong
- Automobile manufacturers in China
- Automotive brands
- Brands originating from China
- Byton Motors