China Electric Car Sales Soar
Byton Bright Spot
Chinese auto sales stalled and dropped for the first time in 20+ years in 2018. But sales of new electric vehicles (NEV) are soaring. Up 85.4% in March 2019. An interesting electric vehicle contender is Byton.
The Chinese EV manufacturer says it's received more than 50,000 orders globally for its new SUV and plans to start production at the end of the year. They expect to manufacture 10,000 units by the first half of 2020 and will launch their first production car in July 2019.
This amid a management shakeup. Chairman and co-founder Carsten Brietfeld just quit and there are reports that the company is having trouble funding expansion inside the Chinese market. Byton is betting on the benefits of local production to compete with Tesla and other auto giants. The company says it's on track.
Byton has offices in China, the US and Germany. It aims to reach production levels of 100,000 units by 2021-2022. That's regarded as a milestone for EV manufacturers. The company says only large scale production will allow them to cut costs and provide affordable prices.