11 Jun '18, 3pm

Chinese electric-car builder Byton says it raised $500 million

Byton SUV concept Enlarge Photo A $500 million infusion from investors including an automaker and a major battery supplier could help Chinese electric-car startup Byton put its cars on the road by the end of next year, the company said Monday. Byton said that its big investors—Chinese state-owned automaker FAW Group, Chinese lithium-ion battery developer CATL, and Chinese tech-investor Tus-Holdings—helped it raise $500 million in its latest round of Series-B fundraising that concluded Monday. The investment could help Byton maintain its ambitious target of building prototypes at a Nanjing, China, assembly plant by April 2019 before full-production models go on sale there by the end of 2019. Byton previously has said that it plans for its vehicle to hit the market in the U.S. by mid-2020 and in Europe by the end of 2020. The electric-car builder made a big splash when it br...

Full article: https://www.greencarreports.com/news/1117163_chinese-elec...

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