July 6, 2020—EV startup Byton is halting operations for at least six months due to financial troubles, reports The Verge.

Byton was having some financial issues before, but COVID-19 sunk the company further. The pause in operations affects the development of its EV SUV, called M-Byte. 

Most of Byton's Chinese employees will be furloughed, the report says. That comes after the company already furloughed many of its U.S.-based employees.

Image: Byton