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Despite electric boom: several start-ups on the brink of extinction

So präsentierte sich Byton noch auf der IAA 2019: volldigital und innovativ. Heute ist das Auto-Start-up aus dem Rennen.
This is how Byton presented itself at the IAA 2019: The M-Byte was fully digital and innovative. Today, the EV start-up has largely dropped out of the race.

China’s electric market is growing and growing and growing. Nevertheless, not all electric start-ups make the cut. Some are lost on the way. Reasons are too high costs, management problems or excessive ambitions. Only those who get a grip on all these issues have a chance on the merciless predatory market. In the meantime, the stories of the once highly acclaimed bankrupt companies are sounding more and more like soap operas.

By
Christiane Kühl
Image of Christiane Kühl

Electric cars are booming in China. Not even the semiconductor crisis has put a damper on sales so far. In July, 271,000 electric cars were sold, which is 164 percent more than in the same month last year. Nevertheless, the industry is now facing mass extinction: a handful of start-ups are about to meet their demise, while others are drifting towards an unknown fate. Byton, Faraday Future and ICONIQ all set out with great ambitions, even bringing experienced Western car managers and designers to the fold. But breakthrough remained out of reach.

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