Byton Raises Whopping $500m Funding
Chinese electric car startup Byton raised $500 million in series B funding. The company will use the funding to launch its electric car in 2019.
Investors include FAW Group, Contemporary Amperex Technology, and Tus-Holdings.
To be precise, the investment will be used to improve mass production, research, and product development.
The startup has a research and development center in Santa Clara, California. It recently opened headquarters in Nanjing, China. It also has operations in Beijing, Hong Kong, Munich, and Shanghai.
Byton plans to launch its first batch of prototypes in April 2019. It aims to roll out a mass-produced model in Q4 2019.
The largest investor is FAW Group contributed around $250 million of the funding. It is one of China’s largest domestic automakers and could also provide relevant manufacturing expertise.
In related news, Byton announced a partnership with self-driving car startup Aurora. The two companies will conduct a pilot deployment of Aurora’s autonomous driving systems on Byton vehicles.
Byton has the automobile world excited about its electric SUV. It unveiled the concept at the Consumer Electronics Show (CES) in January.
The base version of the car will have a 71 kilowatt-hour battery pack that can travel 250 miles on a single charge.
Byton told Fortune that the base model battery will be able to charge 80% in 30 minutes. The other version will be more powerful and be able to travel 325 miles on a single charge.
The launch of new electric cars like Byton’s is a foretaste of the boom of electric vehicles. This will result in a dent in vehicle-driven oil demand.
For every 1,000 battery-powered buses on the road, about 500 barrels a day of diesel fuel will be displaced from the market, according to Bloomberg New Energy.