On January 4, BYTON Motors signed a strategic cooperation framework agreement with Foxconn Technology Group and Nanjing Economic and Technological Development Zone to accelerate the production of its first production model, the M-Byte.
Under the agreement, Foxconn will provide manufacturing technology, operational management experience and industrial chain resources to support the production of the M-Byte.
According to sources familiar with the matter, Foxconn plans to invest about $200 million to start production of the BYTON M-Byte in the first quarter of 2022.
As one of the start-ups in China’s electric vehicle industry, BYTON had a tough 2020. Even before the impact of the COVID-19 pandemic, BYTON was unable to complete the production and delivery of its first model, the M-Byte, on time. The pandemic then forced the company to suspend operations and lay off employees starting in July.
Earlier, there were reports that BYTON had sent another internal staff letter, extending the suspension of operations and production by 6 months until June 30, 2021.
In early 2019, Daniel Kirchert, one of BYTON’s co-founders and former CEOs, stated that BYTON planned to enter the North American and European markets in mid-2020, consider an IPO after completing the C round of financing and achieving mass production.
The mid-size SUV M-Byte, according to the BYTON website, can charge 80% in 35 minutes, has a top speed of 190 km/h, and a range of 550 km.
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