Byton Raised $500 Million In Fund Raising: Chinese Electric Car Startup

Future Mobility Corporation is a Chinese, Hong Kong-based automobile manufacturer that was established back in 2016. Its co-founders are the former executives of BMW and Nissan Motors. An announcement was made back in September 2017 putting forth its first proposed car under the new Byton marque and revealed its first concept car in January 2018 to the audience.

Byton now has raised a whopping $500 million in Series B funding round for propelling the enhancement of smart, connected cars, competing against Tesla Incorporation. 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)

Byton said 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.

Source: Silicon Valley Business Journal, Source of the image: Electrek

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