is now registering a new company, 'Shengteng,' seeking RMB 2 billion investment to speed up the manufacturing of Byton M-Byte. Byton's shareholders, including FAW, is pushing forward the deal, according to Chinese media Beijing Business Today (link in Chinese).
On July 1, Byton suspended its operations in China to reorganize due to cash flow pressures. It plans to restart from September to proceed with the mass production of M-Byte. But without new funds, the plan will be empty.
EqualOcean reported the issue Byton faces on July 8.