EV Startup Byton Raises $500 Million in Series B

Byton’s global headquarters officially opened in Nanjing on June 11, and announced the successful completion of their Series B round financing of up to $500 million on the same day.

SEE ALSO: Byton: Two German Expat’s Chinese Electric Vehicle Dream

Major investors include China’s state-owned automaker China FAW Group, Qidi Holdings, and Jiangsu Belt and Road Investment Fund. The successful completion of the Series B round will further enhance Byton’s ability to successfully deliver the first batch of mass produced vehicles and will support R&D in the later stages.

Traditional automobile industry will face a big transformation and EVs will be the next hit. Chinese market combined with German manufacturing and Silicon Valley technology, Byton is aiming to become a pioneer in smart travel,

says Feng Changge, executive chairman of the board at China Harmony New Energy Auto Holding Ltd.

With the official opening of the global headquarter, Byton has built a global management team of top talents and formed a global operational map centered around Nanjing, China. The global coordination of locations and talents will further promote the effective development of Byton in the future.

It is worth mentioning that Byton’s luxury sedan concept car will debut in Shanghai on June 12 and will be officially unveiled at the International Consumer Electronics Show (CES) Asia on June 13. In the future, Byton will also build another sedan and a minivan to cover all three mainstream vehicle markets.