Byton announces $500M in new funding

China-based EV startup attracts investors and details its plans

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At the beginning of the year, Byton unveiled its electric SUV concept at the 2018 Consumer Electronics Show ( CES) in Las Vegas. The China-based EV startup announced it planned to make a production version in 2019 — and eventually sell it in the U.S. — followed by a sedan and minivan. Now, we have more details about the company's plans, and Byton has announced that it raised $500 million in a Series B fundraising round.

Investors include FAW Group, Tus-Holdings and battery giant CATL. "The success of this funding round highlights how diversified strategic investors will further expand Byton's circle of friends and broaden our development opportunities," said Byton President Dr. Daniel Kirchert. "Byton is establishing a new benchmark for auto startups with four essential 'must haves,' namely technology, product, capital and factory."

Along with the funding announcement, today Byton officially opened its global headquarters in Nanjing, China, where it is also establishing its manufacturing base. "The opening of our global headquarters in Nanjing is just the latest in the comprehensive advancement of Byton's R&D, production, and operations," said Kirchert. "At the same time, with further acceleration in developing the Byton value chain for smart mobility, we will also contribute to the formation of a smart industry cluster in Nanjing." Byton is also establishing operations in Silicon Valley and Munich, Germany.

Byton plans to build and begin testing vehicle prototypes in the first half of 2019, with mass production and a market launch in Q4 that year. It aims to sell vehicles in the U.S. as early as 2020. The SUV will sell for around $45,000. Following it will be a sedan using the same shared EV platform in 2021, and a minivan in 2022.

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