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.
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.
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.
Ford has made an accomplishment that will never be bested, never even be tied.
Delegates to the United Auto Workers union’s annual convention in Detroit have overwhelmingly approved a 31% raise for their salaried international leaders.
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.