| 1 MINUTE READ

Byton Lands $500 Million in Funding

China’s Future Mobility Corp. has raised $500 million in its latest funding round to further develop and launch its Byton-badged line of electric vehicles.
#asia #FAW #Byton

China’s Future Mobility Corp. has raised $500 million in its latest funding round to further develop and launch its Byton-badged line of electric vehicles.

The Series B funding was led by Chinese carmaker FAW, Ningde-based battery producer CATL and Tsinghua University’s Tus-Holdings investment arm. Byton already had raised more than $250 million from earlier investors, including internet giant Tencent Holdings.

Byton introduced a prototype electric crossover vehicle in January at the CES electronics show in Las Vegas. The company aims to launch a production version of the midsize model by the end of next year in China and in 2020 in Europe and the U.S. A sedan and MPV built on the same platform also are planned.
 

The electric crossover is expected to include a host of connected and automated vehicle technologies. Byton is partnering with Aurora Innovation Inc., a U.S. developer of self-driving systems, on the latter.

The concept model also featured several large display screens and a facial recognition system that is used to unlock the doors and monitor biometric data.

Byton officially opened its global headquarters in Nanjing this month and is building a manufacturing plant on the same site. The carmaker also has a Silicon Valley tech center and a design center in Germany.

Related Topics

RELATED CONTENT

  • 8 Rules for Getting Things Done Through People

    Effective management is a timeless skill—as demonstrated by this treasure of an article from the AutoBeat Group archive. Although the tools of the trade have changed and proliferated, the basics remain the same. Here are 8 old school (and just darn practical) rules for being an excellent manager. 

  • 2019 Lexus ES 350 Introduced

    The Lexus ES sedan is more than just an offering within the company’s lineup.

  • COVER STORY: Engineering the 2017 Honda CR-V

    It’s the fifth generation of a vehicle that has been increasing in sales year after year since its introduction in 1997.