Chinese EV startup Byton received a loan of between $5 million and $10 million from the government’s COVID-19-related Paycheck Protection Program (PPP) in April, shortly after it furloughed hundreds of employees, according to new data released by the Treasury Department. Byton — which is backed by Chinese state-owned automaker First Auto Works — said in its application to the Treasury Department and the Small Business Association (SBA) that the loan would help it retain 387 jobs. But just last week, the startup announced it is halting operations for at least six months and laid off workers at its North American headquarters.
Fellow China-backed EV startup Karma Automotive received between $5 and $10 million, according to the data. The...
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Struggling EV startup Byton received paycheck protection loan in April
![Struggling EV startup Byton received paycheck protection loan in April]()
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July 06, 2020
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