Chinese electric car startup Byton raises $500 million

chinese electric car startup byton raises  million
Chinese electric car startup Byton raises $500 million

Byton, a Chinese electric car startup, has secured a $500 million Series B funding round to fuel the development of smart, connected cars. Investors include FAW Group, Tus-Holdings and CATL. Byton also announced the opening of a new HQ in Nanjing, China. This is on top of Byton’s research and development center in Santa Clara, Calif.

“By combining our expertise in R&D and traditional car-making with innovative Internet technologies, we aspire to pioneer a smart mobility revolution,” Byton CEO and Co-founder Dr. Carsen Breitfeld said in a statement.

At the Consumer Electronics Show, Byton unveiled its all-electric SUV concept. Earlier this year, Byton also announced a partnership with self-driving car startup Aurora. The terms of the partnership entail Aurora powering Byton’s autonomous driving features via a pilot deployment in the next couple of years. Byton plans to roll out its first batch of prototypes in April 2019 with the goal of Q4 2019 for the launch of a mass produced model.

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