BYTON Seeks $400 Million In Funding

FEB 10 2018 BY MARK KANE 18

Byton, after a fairly successful debut of its concept vehicle at the 2018 CES, seeks $400 million to fund the market introduction of its all-electric SUV.

BYTON Concept SUV

The development of the car is in an advanced stage, but as always the big costs are to build the assembly plant and to launch the product worldwide – in the case of Byton in China first, followed by Europe and the U.S.

“The Nanjing-based company, which showcased a concept car at the CES technology expo in Las Vegas this month, has been reaching out to potential investors to gauge their interest, according to the people, who asked not to be identified because the information is private.”

The initial funding of at least $200 million for the project comes from Chinese investors – only a few of them were revealed:

  • Suning Holdings Group fund
  • some state-owned firms in Jiangsu province
  • China Harmony New Energy Auto Holding

With former BMW and Nissan execs on-board, Byton has a chance to catch onto the EV revolution in the fast-growing SUV segment.

Byton EV specs:

  • Battery: 71 or 95 kWh for 250 miles (400 km) or 323 (520 km) of range
  • Powertrain: 200 kW rear-wheel drive or 350 kW all-wheel drive

Source: Automotive News

Categories: Byton

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18 Comments on "BYTON Seeks $400 Million In Funding"

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ffbj

Here’s our car give us money. What do they think we are, stupid? Well, yes actually, that’s exactly what they think.

Dav8or

That’s exactly what we are. Stupid. They’ll get their money one way or another and we will gladly buy their product with a smile.

CDAVIS

Initial BYTON funding of $200M and this 2nd round of $400M = $600M…

So after 2nd round is fully subscribed BYTON will have raised at total of ~1/10th of the funding what they will need to seriously compete.

Which means BYTON will need to quickly establish itself as having more than an EV concept car…which means the 2nd round should instead be more like a $2B raise or go home.

yogurt

Not necessarily…
They can contract out production to an established Chinese automaker and then not need a billion dollars for a plant…

Lamata

They still gotta pay for tooling Etc:, Plus they need to Pay who ever is building these cars , if they can talk some one into it. $400 Million will not take them far enough to where they need to be . It does not look very promising Unless they get a Huge $2B To $4 Billion Infusion .

Pushmi-Pullyu

“They can contract out production to an established Chinese automaker”

How would that work? In China, where patents and intellectual property rights are hardly even recognized, let alone enforced, I’d think there would be a very good chance the auto maker would say “Thanks for the plans, we’ll make and sell this for ourselves, we don’t need you.”

Pushmi-Pullyu

I agree that a startup automobile maker needs about $2 billion to get a real start. So I’m puzzled at your assertion that $600 million would only be 1/10 of that.

/math

CDAVIS

/math

~$2.2B ($200M already raised + 2nd round $2B) buys BYTON low volume production of a generation one car to prove to the market they have something tangible… and that’s doing it on the very skinny. BYTON needs to at minimum clear this step to gain the credibility needed to later raise the needed next $4B.

~$6.2B (the above $2.2B + 3rd round $4B) buys BYTON volume production including building-out all the stuff that supports volume production; the wider foundation needed to seriously compete as a volume production EV car maker. So that’s why I say the $200M already raised + the $400M proposed 2nd round = ~1/10 of that needed for BUTON to seriously compete as an EV car maker.

Robb Stark

What is going on with Lucid?

They had their D Series funding round for their plant like 9 months ago?

Lamata

I think Lucid is Historectomy…It’s Not easy starting a new car company . It’s Complex & Volatile..

Dan

Don’t give money to them! Stealing US jobs is bad enough already, now they want to grab your retirement money so they can enslave your children to work for ruthless communist party! They intentionally withholding lithium from exporting to Japan and US, calling it a strategic resource, thus trade weapon 10 years ago. Now they see how Tesla duped investor money, they copycat it and want easy money too. They didn’t want to pay for intellectual property rights, instead they use 5heir market to force western companies to give them technology for free. Once they got a foothold, they want to conquer world market, running all the competition S out of business.

Dav8or

I hear you Dan, but trust me, Americans really don’t care about Americans. They just want what they want when they want it. They don’t care who gets hurt getting it.

If the quality is good enough and the price is good, buying “Made in China” is A-OK with Americans. Very few give a damn about well paying American jobs, or really any American jobs at all when they make purchase decisions.

Lamata

DSA…the Divided States of America…With Congress always in Discord, looking for Petty Excuses to point fingers of accusations. Instead of running the Business of the Nation for the People that elected them to Do so. All their energy is misplaced in lieu of the all Mighty Dollar “In their Pocket”.. Totally Shameless.

arne-nl

Don’t panic

Pushmi-Pullyu

“Now they see how Tesla duped investor money, they copycat it and want easy money too.”

O_o

Are you on drugs? Or are you just another of the Tesla Hater cultists who have been popping up here lately, like mushrooms?

I’m sure most if not all Tesla investors* are very, very happy with their investments. Investors are practically climbing over each other to throw money at Tesla!

*That is, the real Tesla investors, not the “short” investors betting (and failing!) on Tesla to fail.

Lamata

The Future sounds very “Complicated” Here ,perhaps a whole Lot more complicated than I would Like.

wavelet

I wonder how far $400M will get them — I doubt it’ll cover on its own complete production of 100s of cars.More likely they hope to make a few more prototypes and make them complete enough to convince other investors.
Problem is, this is a small market, and there seem to a lot of companies chasing it. I suspect most potential buyers will pay a lot for a conspicuous badge, so Aston-Martin, Rolls-Royce, Maserati, Mayback et al. have a chance, but not brands nobody’s heard of, no matter how good the car is.

jimjfox

Good luck to them. The more the merrier; no matter Byton succeeds or not, EV’s are the only show in town.