According to sources, FAW Group has agreed to invest approximately US$260 million in Byton’s ongoing B round of financing, and Byton plans to raise a total of US$500 million in the B round.
According to two people familiar with the matter, FAW Group has agreed to invest approximately US$260 million in the ongoing Series B financing of BYTON, an electric car startup BYTON. The two parties signed the relevant agreement at BYTON Nanjing headquarters last weekend.
At the same time, the above-mentioned sources said that BYTON plans to raise a total of US$500 million in round B. The two companies discussed specific cooperation projects in product development and parts procurement.
In response to this report, FAW Group has not yet commented. BYTON Public Relations replied that it had indeed signed an agreement with FAW, but did not know the specific amount.
As early as April 20th, FAW Group signed a strategic cooperation investment framework agreement with Byton. According to the agreement, FAW will participate in Byton's B round of financing as a strategic investor. In the future, the two parties will also cooperate in product development, production, sales and service.
In January of this year, Byton stated that it was seeking to raise about US$400 million (about 2.6 billion yuan) in a new round of financing. On March 19, Byton announced that Chang Qing, the former managing director of Goldman Sachs China Investment Banking Division, has officially joined Byton as co-president, responsible for capital market and investor relations management.
In December last year, Bi Fukang said in an interview with Sina Auto that BYTON’s Series B financing will be based on the first driveable prototype exhibited at CES in January 2018, and the goal is to complete by mid-2018. The round of financing will be based on production cars in 2019. At the same time, he said that China’s financing market environment is the best, but investors in the United States, Europe and other regions are also interested in BYTON, so the direction of financing will be open.
BYTON is a brand that has always attracted much attention among new car-making forces. It was founded by former Infiniti China general manager Dr. Daniel Kirchert and former BMW Group engineering vice president Carsten Breitfeld. Although the main founders are foreigners, they are well versed in the Chinese market.
BYTON made the debut of BYTON Concept, its first product prototype at the CES show in January this year. This model is a pure electric smart connected SUV with a starting price of about RMB 300,000. It will be launched in 2019 as the benchmark Audi Q5 and BMW X3. It can realize L3 level automatic driving function and can realize L4 after 2020. Level of automatic driving function.
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