Byton suspending operations for six months due to financial trouble
The FAW offer was initially seen as a vote of self-confidence in what Breitfeld and Kirchert were developing, especially considering that so numerous other EV start-ups at the time were struggling for financing and desperate to partner with big OEMs. Breitfeld has disputed much of this in court filings and competes that Byton’s board of directors removed him as CEO in January 2019 before eventually ending him in April of that year. Breitfeld also alleges that Byton just submitted the lawsuit to preempt any legal action he may take to receive the millions of dollars of compensation he thinks he is contractually owed.
The FAW deal was initially seen as a vote of confidence in what Breitfeld and Kirchert were constructing, particularly since so numerous other EV start-ups at the time were having a hard time for funding and desperate to partner with huge OEMs. It ultimately ended up being a source of stress for Breitfeld, who left the start-up in early 2019. Breitfeld’s exit is, in truth, now part of a new legal dispute between the start-up and its co-founder. Breitfeld has contested much of this in court filings and competes that Byton’s board of directors removed him as CEO in January 2019 prior to eventually terminating him in April of that year. Breitfeld also declares that Byton just submitted the lawsuit to preempt any legal action he might take to get the millions of dollars of settlement he thinks he is contractually owed.