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.