The funds will support BYTON’s ambitions as it moves into China
Electric vehicle start-up BYTON has raised US$500 million in funding from multiple major investors that include FAW Group, Tus-Holdings, CATL, and more.
The funds will help BYTON progress with its plans for mass production, R&D and product development.
“The success of this funding round highlights how diversified strategic investors will further expand BYTON’s circle of friends and broaden our development opportunities,” said BYTON president and co-founder Dr. Daniel Kirchert. “BYTON is establishing a new benchmark for auto start-ups with four essential ‘must haves’, namely technology, product, capital and factory.”
BYTON has also officially opened its global headquarters in Nanjing, China, forming a global operation centred in Nanjing, with an R&D centre in Silicon Valley and a design centre in Munich, Germany.
In addition, the construction of BYTON’s smart manufacturing base in Nanjing is proceeding steadily. The company’s first batch of prototype models is set to roll out in April 2019 for testing, with the pilot production programme starting in the first half of 2019, and the fourth quarter as the target timing for the first mass production model to be launched into market.
“As a world leader in smart mobility, we aim to build BYTON into a global premium brand with ‘China Root, Global Reach’ as the core of our development strategy,” said BYTON CEO and co-founder Dr. Carsten Breitfeld. “By combining our expertise in R&D and traditional car-making with innovative Internet technologies, we aspire to pioneer a smart mobility revolution.”
Nanjing, China has evolved to become a regional centre of excellence for the development of smart manufacturing, with BYTON’s global headquarters introducing top-line international and domestic suppliers and partners to Nanjing.
BYTON’s strategy to optimise its global supply chain will also reinforce Nanjing’s development as an eco-friendly, smart and high-end whole-automobile industry chain.
“The opening of our global headquarters in Nanjing is just the latest in the comprehensive advancement of BYTON’s R&D, production, and operations,” added Dr. Kirchert. “At the same time, with further acceleration in developing the BYTON value chain for smart mobility, we will contribute to the formation of a smart industry cluster in Nanjing.”