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BYTON Closes $500 Million in Series B Fundraising

BYTON Closes $500 Million in Series B Fundraising
Credit: byton.com

Concept car producer BYTON concluded its Series B fundraising round, attracting a total of $500 million from investors including FAW Group, Tus-Holdings, and CATL.

BYTON also officially opened its global headquarters in Nanjing, China, forming a global operation centered in Nanjing, with an R&D center in Silicon Valley and a design center in Munich, Germany. In addition, BYTON’s smart manufacturing base in Nanjing is currently under construction.

According to the company, its first batch of prototype models is set to roll out in April 2019 for testing, with the pilot production program starting in the first half of 2019, and Q4 as the target timing for the first mass production model to be launched into market.

BYTON plans to use the funding to continue its progress in mass production, R&D, and product development.