Chinese electric-car start-up Byton, run by ex-BMW execs, is looking for $400m in funding for its $45k electric SUV. The company, formerly known as Future Mobility, picked up $200m last summer from a Suning Holdings fund and a number of state-backed firms in Jiangsu province.
Nanjing-based Byton is planning to invest $1.7bn in a new plant in the city which is slated for completion in late-2018 with capacity of 150,000 units a year.
Byton showed off its electric concept vehicle stands at the recent 2018 Consumer Electronics Show in Las Vegas. “China is the world’s fastest-growing and biggest EV market, but at the same time, it’s short of global players and companies producing products that can compete with the best premium players in the world,” Daniel Kirchert, Byton COO and co-founder, said at CES.
China leads the world in electric cars sales, with 700,000 units of EVs, plug-in hybrids and fuel-cell vehicles taking to the road last year, according to the China Association of Automobile Manufacturers.