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.
The little car that could still can. And this time as a car that not only gets great fuel economy, but which has ride and handling that makes it more than an econo-box (and its styling is anything but boxy).
For conducting business in the U.S. market, Toyota has historically had several separate business entities: a sales and distribution company headquartered in California (Toyota Motor Sales, USA); manufacturing operations (Toyota Motor Manufacturing North America); a racing subsidiary (Toyota Racing Development, USA); the Toyota Technical Center for R&D in Ann Arbor; and a design facility in California (Calty Design Research, Inc.). On April 1, 2006, Toyota merged its R&D operations and its manufacturing operations into a single company.