Chinese electric carmaker Byton raises $500 mn to take on Tesla

Byton president Daniel Kirchert left and CEO Carsten Breitfeld show the Byton connected car during CES 2018 in Las VegasMore

Byton president Daniel Kirchert left and CEO Carsten Breitfeld show the Byton connected car during CES 2018 in Las VegasMore

China-based electric auto startup Byton has raised $500 million as it ramps up efforts to take on rivals like Tesla.

Byton said that its big investors-Chinese state-owned automaker FAW Group, Chinese lithium-ion battery developer CATL, and Chinese tech-investor Tus-Holdings-helped it raise $500 million in its latest round of Series-B fundraising that concluded Monday. Byton is targeting to launch its first mass production model on the market by end of 2019. It hopes to begin rolling out prototype model cars from a factory in Nanjing in the first half of 2019.

Investments from FAW and CATL could provide Byton with access to more traditional vehicle technology such as manufacturing and engineering expertise.

Byton, a Chinese-based electric vehicle company, unveiled its concept SUV on the opening media day at CES 2018.

"By combining our expertise in R&D and traditional car-making with innovative Internet technologies, we aspire to pioneer a smart mobility revolution", Byton CEO and Co-founder Dr. Carsen Breitfeld said in a statement.

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