Mexican Media Brands
Byton Lands $500 Million in Funding
China’s Future Mobility Corp. has raised $500 million in its latest funding round to further develop and launch its Byton-badged line of electric vehicles.
#economics
Share
China’s Future Mobility Corp. has raised $500 million in its latest funding round to further develop and launch its Byton-badged line of electric vehicles.
The Series B funding was led by Chinese carmaker FAW, Ningde-based battery producer CATL and Tsinghua University’s Tus-Holdings investment arm. Byton already had raised more than $250 million from earlier investors, including internet giant Tencent Holdings.
The electric crossover is expected to include a host of connected and automated vehicle technologies. Byton is partnering with Aurora Innovation Inc., a U.S. developer of self-driving systems, on the latter.
The concept model also featured several large display screens and a facial recognition system that is used to unlock the doors and monitor biometric data.
Byton officially opened its global headquarters in Nanjing this month and is building a manufacturing plant on the same site. The carmaker also has a Silicon Valley tech center and a design center in Germany.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.