Byton EV Startup Hopes to Raise Another $500 Million
China’s Byton Ltd. is preparing a new $500 million fundraising round for its electric car business, sources tell Reuters.
The 3-year-old startup, a unit of Nanjing-based Future Mobility Corp., is currently valued at more than $4 billion. The company raised $500 million in a second funding round in June. Byton also opened its operational headquarters in Nanjing, where it will produce its cars, last June.
Byton hopes to launch its first model, the Byton M-Byte electric crossover vehicle it unveiled a year ago, in China by the end of 2019 and in Europe and the U.S. in 2020. The company also is developing a sedan and MPV that will share the M-Byte’s platform.
The company’s major investors to date include battery producer Contemporary Amperex Technology, Chinese vehicle maker FAW Group and Shenzhen-based investment giant Tencent Holdings.
The historic plant has built—and is building—a lot of cars in its 70-year run of commercial vehicle production. Today, with the e-Golf and the GTE, it is making what are arguably the most-advanced Volkswagens out there.
Chinese electric-car startup Nio Inc. is forming a manufacturing joint venture with Beijing E-Town International Investment and Development Co., which is investing 10 billion yuan ($1.5 billion) in the business.
A young(ish) guy that I’ve known for a number of years, a man who spent the better part of his career writing for auto buff books and who is a car racer on the side, mentioned to me that his wife has a used Lexus ES Hybrid.