BYTON, a Chinese-based electric vehicle company, is preparing to finish a $100 million fund raising effort. The company is hoping to raise around $500 million as they focus on putting out their own completely electric SUV car soon.
BYTON is close to signing an agreement with Chinese state-owned carmaker FAW for $100 million, Bloomberg reports. Sources said the startup is ultimately seeking $500 million from its latest round of fundraising, which would give BYTON a valuation around $2.5 billion.
FAW was also the lead investor during a $500 million financing round last year. Bloomberg said the carmaker is partnering with BYTON at least in part to revive the country’s Red Flag limousine brand.
BYTON wants to enter the Chinese market by the end of this year with its M-Byte all-electric SUV. While BYTON looks to focus on China, the company also has global aspirations — it has said it wants to enter the global market by 2020.
The company announced last month that it completed winter testing of the M-Byte. It has a factory in Nanjing, China for vehicle production.
We took a ride in an M-Byte SUV prototype during last year’s Los Angeles Auto Show, and the vehicle’s huge in-dash screen really pushes the limits. The company also unveiled an autonomous electric sedan concept last year.
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