Byton, a Chinese electric car company just starting up, is focusing on expanding around the world and is starting by finding finances and other backing from their own country. Starting out Byton has received $500 million in their series B round of funding with the majority of these investors coming from China. These new investors from China have the technical requirements that Byton needs to help push towards their future of producing a brand new electric car by 2019.
The largest single investor is Chinese state-owned automaker FAW Group, Byton CEO Dr. Carsten Breitfeld told The Drive. FAW, which contributed around $250 million, is one of China's largest domestic automakers and could provide relevant manufacturing expertise. Another investor is CATL, which will provide batteries for Byton's electric cars, Breitfeld said.
Byton plans to sell cars in North America and Europe, but its initial focus will be on China. The company is opening a new headquarters in Nanjing and hopes to begin churning out prototype cars from a factory there in the first half of 2019. It hopes to begin delivering cars to Chinese customers by the end of next year, followed by a mid-2020 U.S. launch. Byton plans to begin selling cars in Europe later in 2020. In addition to its Chinese home base, the company has an R&D facility in California and a design center in Germany.
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