China’s Byton EV Startup Seeking $500 Million In Latest Fundraising Round

Chinese electric vehicle startup Byton is aiming to attract roughly $500 million from its new round of fundraising in a move that could see the company valued at up to $2.5 billion.

Bloomberg reports that the company is currently on the verge of securing $100 million in funding from state-owned China FAW Group Co. It is believed that the two companies will sign an agreement within the coming weeks to confirm the investment.

FAW Group invested $500 million in Byton last year as it looks to revive the Red Flag limousine brand. This initial investment came as part of a move for FAW to cooperate with Byton in product development, manufacturing and sales.

Also Read: Byton Brings M-Byte And K-Byte Concepts To CES 2019

Byton has managed to attract significant investments despite not yet commencing sales of its first model, the M-Byte electric SUV. Current plans call for sales of the M-Byte to kick off in China by the end of the year and in both North America and Europe around mid-2020. According to one of Byton’s founders, Daniel Kirchert, the company may consider an initial public offering after securing new financing and commencing production.

The EV startup took to social media five weeks ago to confirm that it recently concluded its initial round of cold weather testing for the M-Byte in Mongolia. Testing of prototypes in North America is next on the agenda.

The SUV will be sold in both rear- and all-wheel drive configurations. The base model will be powered by a single electric motor driving the rear wheels and delivering 268 hp and 295 lb-ft (400 Nm) of torque, while the all-wheel drive model will have two electric motors, a 95 kWh battery and pump out 469 hp and 523 lb-ft (710 Nm), while offering up a range of up to 323 miles (520 km).

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  • jeraldine

    You can easily quit your tiresome 9 am to 5 pm job and begin gaining paychecks every month around 12000 dollars doing a home based job. Let’s be real, no matter where you’re working from, you’re still doing exactly that: working. While working at home you get Extremely flexible routine – you can take rests anytime, feel absolutely no rush to hang up on your buddies whenever they call, and have lunch or dinner at any weird time you prefer, Stop thinking about crowds or traffic – Absolutely no stuffing yourself into a rickety transportation tube, having people scuff your new shoes, or walking behind agonizingly slow individuals who apparently don’t understand what a straight line is, Much more time with loved ones -Take care of a sick significant other at your house, get ready for kids earlier in the daytime, get some extra snuggles in with your doggo, or simply get some peaceful time to yourself! Here’s the right way to start> URL.SIO.SI/FeG

  • Smith

    This is ridiculous and shows the state the automotive industry is in, when a company received $500 million last year and achieved nothing, and now required another $500 million. This is not the solution for the automotive industry, this is just draining the investment community for all their worth. Tesla has been doing this for years and still has nothing to show for their $750 million in losses every quarter. When will investors wake up?

  • FordMopar

    This is getting tiresome! Wants to arrive in one year from now? All Chinese car companies say that every month on car news for many years! I haven’t seen one single car from any Chinese companies on US roads! GTFO!

  • Romain AA

    When most of those E.V startups, mostly chinese, will eventually byton the dust, how many billion $ will have vanished?

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