Byton, a Nanjing, China-based maker of smart connected vehicles, raised a $500m Series B funding round.
Backers included FAW Group, Tus-Holdings, CATL, etc.
The company intends to use the funds for continued progress in mass production, R&D and product development.
Led by Dr. Daniel Kirchert, president and co-founder, and Dr. Carsten Breitfeld, CEO and co-founder, Byton is building premium intelligent electric vehicles that integrate advanced digital technologies to offer customers a smart, comfortable and eco-friendly driving and mobility experience.
The company’s 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 has an R&D center in Silicon Valley, a design center in Munich, Germany, offices in Beijing, Shanghai and Hong Kong (to handle external affairs, marketing, sales, design and investor relations).