Chinese electric vehicle startups Byton and Nio received at least $ 5 million in paycheck protection loans

According to new data released by the Treasury Department and the Small Business Administration (SBA).

Byton received his loan shortly after being on leave hundreds of employees in April, according to the US government. The company – which is backed by Chinese automaker First Auto Works – said in its application to the Treasury Department and the Small Business Association (SBA) that the loan would help it keep 387 jobs. But last week, the startup announced that it was suspend operations for at least six months and laid off workers at its North American headquarters.

Nio, who just received billion dollar bailout from public investment firms in China, obtained his loan of 5 to 10 million dollars in early April. The company told the U.S. government that the money would help protect 204 jobs at its North American headquarters. Nio previously employed up to 600 workers in the United States, but suffered several rounds of layoffs last year.

China-backed EV startup Karma Automotive received between $ 5 million and $ 10 million, according to the data. The California-based company, born from the ashes of the bankruptcy of the original version of hybrid automaker Fisker, has suffered multiple layoffs over the past year. He told the government the loan would help him keep 463 jobs on his payroll. Jalopnik reported shortly before the loan was granted that the company was planning to lay off even more workers.

Two much smaller, China-related California auto companies have also received between $ 350,000 and $ 1 million in PPP funds: Saleen and Mullen Technologies. And the US research and development center of Chinese automaker Chang’an Automobile also received between $ 350,000 and $ 1 million.

Canoo, an electric vehicle startup based in Los Angeles and backed by a consortium of investors from the UK and Asia, also received a loan in the range of $ 5-10 million, according to the data. Proterra, an electric bus company also based in California, also received $ 5-10 million.

The Ohio EV startup Lordstown Motors, which just unveiled an electric van she plans to build at the former General Motors plant in Lordstown, Ohio, received a $ 1 million to $ 2 million loan that she says has helped maintain 42 jobs. The commercial electric vehicle company from which Lordstown was essentially born, Workhorse, also received a PPP loan in April, just like struggling electric vehicle startup Faraday Future, which was founded and funded by Chinese magnate Jia Yueting.

Arcimoto – an Oregon-based startup working on a three-wheeled electric vehicle – also received a $ 1 million to $ 2 million loan that it says has saved 110 jobs. And one of the few startups working on the development of the hyperloop system that Elon Musk helped launch in 2013, Hyperloop Transportation Technologies, received a loan of between $ 150,000 and $ 350,000.

The Treasury Department and the SBA did not initially intend to disclose the beneficiaries of PPP loans. But in recent months, agencies have faced increasing pressure to release the names of companies that have taken the government’s bailout money. They finally nodded on Monday and released a list of all the companies that have received loans over $ 150,000, although the exact amount of each loan was not disclosed (hence the ranges).

The loans were made in April to companies with no more than 500 employees, meaning that growing electric vehicle startups like Lucid Motors and Rivian, as well as more established companies like Tesla, were not eligible for the loan. to apply. Companies that take out the loans have to use them for specific things like payroll, mortgage interest, rent, or utilities, and can make them completely forgive if they don’t fire their employees.

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