BYTON Raises $500 Million, Provides Us With Glimpse Of Production Line
Just a day before BYTON will introduce their 2nd concept vehicle, a sedan at CES Asia, the upstart Chinese automaker announced they’ve completed their Series-B funding round, raising $500 million dollars.
The announcement came last night at the grand opening of BYTON’s global headquarters in Nanjing, China. Until recently, the majority of BYTON’s vehicle engineering and planning has been split between their offices in Munich, Germany and Santa Clara, California.
“The success of this funding round highlights how diversified strategic investors will further expand BYTON’s circle of friends and broaden our development opportunities,” said Dr. Daniel Kirchert, president and co-founder, BYTON. “BYTON is establishing a new benchmark for auto start-ups with four essential ‘must haves’, namely Technology, Product, Capital and Factory.”
InsideEVs was invited to tour BYTON’s new global HQ, as well as their manufacturing plant in Nanjing, which is still under construction. We found a bustling work environment, with four floors of office space, and hundreds of employees already there and working.
The nearby manufacturing plant is still under construction, with only one of the many buildings on the property completed. That building is currently serving as an assembly validation site, where they are assembling Alpha and Beta cars. They recently built three production versions of their SUV, which are being sent for crash testing later this week. These cars were under cover as to hide the appearance of the production version. We were told however, that the production version retains about 90% of the concept car’s appearance.
Later today BYTON will reveal their concept sedan, which is set to follow the SUV by about two years. BYTON then plans to release an MPV two years after the sedan, all sharing the same platform, and even some interior parts. InsideEVs will be at the Concept Sedan’s reveal, which takes place at Asia CES.