April 16, 2019 / 10:48 AM / 4 days ago

Ex-Byton chairman Breitfeld joins rival startup Iconiq -Handelsblatt

BERLIN, April 16 (Reuters) - Carsten Breitfeld, a former BMW top executive and until recently chairman of Chinese e-vehicle startup Byton is joining its domestic rival Iconiq, German daily Handelsblatt said on Tuesday.

“We have chosen Carsten Breitfeld as he adds the biggest value,” Handelsblatt quoted Iconiq’s founder Wu Nan, a Chinese investor, as saying, adding that Byton had meanwhile confirmed the departure of its co-founder and chairman.

The German business monthly reported earlier in April that Breitfeld was about to leave Byton, as the company faced difficulties in raising funds for its planned expansion in the Chinese e-vehicle market.

Reporting by Tassilo Hummel; editing by David Evans

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