Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

China Unicom Revenue Growth Accelerates Even as Subscribers Fall
Trending in China: Is Education To Blame For China’s Falling Fertility Rate?
Trending in China: Winning Fewer Games and More Battles? PLA Ends Sporting Tradition
China Calls Time on Chipmakers With No Experience, No Technology and No Talent
Alibaba-Backed Lender in Credit Frenzy for ‘Double Eleven’ Shopping Fest
Intel Plays It Safe in Selling China-Centered Memory Outfit to Non-Chinese Buyer
Chinese Muji Lookalike Opens Its First Store in Paris
VW partner Hino to make electric trucks and buses with China's BYD
Pakistan Lifts TikTok Ban and the Fans Come Running Back
SBCVC-Backed Dingdang Kuaiyao Nets $150m in Series B+ Round
Dao Foods Taps Alternative Protein Space, to Back Up to 30 Chinese Startups in 3 years
Trending in China: China’s Fight Against Child Sex Crimes – Good in Theory But Will It Work in Practice?
‘Honor of Kings’ Reclaims Crown as World’s Highest-Earning Mobile Game, Besting PUBG
Tesla Rival Xpeng Produces 10,000th P7 Electric Car at Wholly-Owned Plant
Top Lawmakers Slam Draft Facial Recognition Laws as Vague and Open to Abuse
Swiss Watch Exports Decline, Leaving Industry More China-Reliant
Alibaba Blends Brick-and-Mortar, Online Grocery Shopping With $3.6 Billion Investment
China’s Mobile Tower Giant Reports Modest Revenue Growth
Jack Ma Tops Hurun China Rich List With $58.8 Billion Fortune
Active Coronavirus Samples Found on Frozen Food Packaging for First Time
Possible $292 Million Lifeline For Troubled Electric Vehicle Startup Byton, but is it Enough?

By Han Wei / Sep 11, 2020 12:24 PM / Business & Tech

Photo: VCG

Photo: VCG

Troubled Chinese electric vehicle startup Byton Ltd could be bailed out to the tune of 2 billion yuan ($292 million) by shareholders including the Nanjing city government, according to sources familiar with the matter.

Byton is in desperate need of a financial injection and has suspended operations for nearly three months due to outstanding debts exacerbated by the pandemic. The two primary sources of the financial lifeline would be the Nanjing city government who gave an undertaking to invest $150 million, and state-owned automaker FAW Group which plans to inject $50 million, a Byton employee said.

While the extra investment might be seen as good news for Byton it is unclear that this will be enough to address all its problems. It still faces significant obstacles as most of its employees resigned and it is unclear how much money the startup really needs to commence mass production of electric cars. People close to the company said it hasn’t finished research and development on its first model, the M-Byte.

Established in 2016 by former BMW and Nissan Motor executives, Byton is among a group of Chinese startups that rushed into the burgeoning new-energy vehicle sector as central and local governments offered generous subsidies.

Read full story here

Contact reporter Han Wei ( and editor Marcus Ryder (

Share this article
Open WeChat and scan the QR code