Chinese electric car start-up Byton is suspending operations and furloughing staff, making it the first high-profile victim of a shakeout in the country’s electric vehicle sector exacerbated by the coronavirus outbreak.
From Wednesday Byton will furlough all staff involved in production and halt the majority of its operations in China for six months, according to company emails seen by the Financial Times and confirmed by Byton employees. It will then begin a process of cost-cutting and reorganisation, the emails said.
The company, which has about 800 employees in China, has faced protests from staff over lack of pay and has vacated offices in Beijing and Shanghai in recent weeks, according to employees and local media reports.
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