China’s Byton Secures $500 Million In Latest Investment Round

Chinese electric vehicle startup has received an additional $500 million investment to kick-start its production vehicle plans.

Reuters reports that Contemporary Amperex Technology, a large battery producer from China, is one of the largest contributors in Byton’s successful Series B round of funding. Last month, it was confirmed that state-owned automaker FAW Group had invested $260 million in Byton.

“Diversified strategic investors will further expand Byton’s circle of friends and broaden our development opportunities,” Byton president Daniel Kirchert said in a statement.

At the start of this year, Byton unveiled its Crossover Concept at CES 2018 in Las Vegas. The vehicle, created as a preview of the carmaker’s first production vehicle, can travel up to 250 miles (402 km) in base specification and be topped up with 150 miles (241 km) of range in just 20 minutes.

Alongside its electric powertrain, the Crossover Concept will arrive with Level 3 autonomous technology and be capable of supporting Level 4 self-driving at a later date. Byton is targeting the U.S., Chinese, and European markets for the vehicle.

Byton’s plans don’t start and end at this concept, however. Today the company  premiered an electric sedan concept, the K-Byte, at CES Asia. It is expected to land in showrooms by 2021.

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  • Iberian Rekluse

    Tesla is going to love this news…

    • Alfa Giulia QV

      Tesla did what? And more importantly, why?

      • Spyder Hole Fantome

        Check out left lane news article re tesla.

        • Alfa Giulia QV

          Ok, I’ll check it out.

    • ProtectOurHeritage

      You’re going to be trolled somewhat today by the butt-hurt Tesla fans.

  • Bash

    Look pretty much like a concept Range Rover EV for like 2025 or beyond; at the first glance at least, for me.

    • Spyder Hole Fantome

      I like it… has good range and a 20 min panic charge option. Now hopefully it has a 23k$ price tag. LOL!

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