Chinese startup Byton, who intends to introduce its first all-electric car next year, is on a mission to secure financing.

BYTON Concept SUV

BYTON Concept SUV

The current ongoing series-B funding round is expected to bring roughly $500 million to the table.

And, according to the latest unofficial reports, Chinese state-owned carmaker FAW Group has agreed to invest about $260 million.

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FAW not only is going to become a shareholder in Byton, but also will take advantage of Byton's technology through using it in some of its own New Energy Vehicles - at least that's what was hinted here and there.

Byton's co-founder and chief executive, Carsten Breitfeld, said in April that FAW is not buying the company and Byton will stay independent.

Source: Reuters