China-based electric car developer Byton is set to raise approximately $100m from carmaker FAW Group as part of a series C round with a $500m target, Bloomberg reported yesterday, citing people familiar with the matter.
Byton is reportedly seeking a valuation of more than $2.5bn in the round, the sources said, though reports in January 2019 suggested the company was aiming for a valuation as high as $4bn.
Founded in 2016 as Future Mobility, Byton is working on electric cars that include smart features such as connected in-car applications, a tablet integrated in the steering wheel and a 49-inch dashboard screen.
The company’s flagship model, a sports utility vehicle (SUV) known as M-Byte, is set to be available for purchase in China by the end of 2019, with plans to release the car in North American and European markets in mid-2020.
Byton is also collaborating with FAW to revive the latter’s limousine brand, Hongqi, and they are working together on product development, manufacturing and sales.
The FAW partnership was formed after the corporate led a $500m series B round for Byton in June 2018 that featured battery producer Contemporary Amperex Technology and TUS Holdings, the asset management arm of Tsinghua University, as well as several unnamed investors.
Byton had received $200m in series B funding from retail group Suning and diversified holding company Fullshare Holdings in 2017, after securing an initial $100m across two rounds in 2016 that included a $30m commitment from car dealer China Harmony New Energy Auto Holding.
– Image courtesy of Byton.
