Byton partners with Foxconn, but extends shutdown

Chinese EV startup Byton has signed a manufacturing deal with iPhone-maker Foxconn, which according to Bloomberg could be worth around $200 million. In exchange, Foxconn — which has been eager to get into electric vehicles — will provide Byton with “advanced manufacturing technology, operation management expertise and supply chain resources.” The two will apparently work together to get Byton’s M-Byte electric SUV across the finish line into production for the Chinese market in 2022.

The deal comes at a time when Byton is truly struggling. The startup suspended operations last year amid a cash crunch that was exacerbated by the pandemic and is now extending that suspension until June 2021, according to Bloomberg and local Chinese media...

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