Chinese electric car startup Byton raises $500 million

Byton, a Chinese electric car startup, has secured a $500 million Series B funding round to fuel the development of smart, connected cars.

Investors in the funding round included state-owned FAW Group bringing in $250 million, Tus-Holdings, and CATL. Byton also made an announcement regarding the opening of a new headquarters in Nanjing, China. The firm has its U.S headquarters and research and development center in Santa Clara, Calif. Its European operations are based in Munich, Germany.

Dr. Carsten Breitfeld, the co-founder and CEO of Byton, a 20-year veteran of BMW who governed that company’s i8 electric car development, said in the funding: By merging our expertise in Research & Development and traditional car-making with enriching and creative internet technologies, we intend to create a smart mobility revolution. As a world leader in smart mobility, we aim to build Byton into a global premium brand with ‘China Root, Global Reach’ as the core of our development strategy.” (Taken from Silicon Valley Business Journal, Author: Cromwell Schubarth)

“By combining our expertise in R&D and traditional car-making with innovative Internet technologies, we aspire to pioneer a smart mobility revolution,” Dr. Carsten Breitfeld said in a statement.

Byton added its initial prototype models are anticipated to come out in April 2019 for the purpose of testing, with the pilot production program beginning in the first half of next year. The first model is expected to launch in the market for the public, in mass-production by the end of next year.

Earlier on this year, Byton sealed a partnership deal with Palo Alto-based Aurora Innovation Incorporation, that is currently working on improving a self-driving car rostrum that it looks forward to being adopted by numerous topmost automakers.

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