Foxconn Technology Group’s push into electric vehicles through its partnership with Byton Ltd. has hit a snag, with one of the Chinese carmaker’s biggest creditors taking management control of the company, according to people familiar with the matter.
China FAW Group Co. installed one of its officials, Zhang Ying, as chairman of Byton last week, said the people, who asked not to be identified because the information is private. Foxconn, which struck a strategic cooperation deal to make cars with Byton in January, is now withdrawing personnel, with some of the workers it dispatched to the automaker’s Nanjing plant being pulled out, one of the people said.
