image credit : Byton

Byton, An Electric Vehicle startup originated in China which has previously unveiled its very good-looking electric SUV with a beautiful dashboard has now raised a huge $500 million to scale its vehicle production in a round led by automotive manufacturer FAW, EV battery producer CATL which just went public with its two founders becoming Billionaires and high-tech science park developer Tus-Holdings.

Byton is a Rival to Tesla and other electric car companies which have propped up in the space including the $5 Billion NIO and even with Tesla currently leading the global electric car race, Many companies are now popping up backed by huge capital and talent to take a bite of the hugely expanding EV market share.

image credit : Byton

Future Mobility Corporation is the main company behind the Byton EV brand and was established in 2016, Co-founded by Carsten Breitfeld who is the company’s current CEO and chairman and Daniel Kirchert who is the company’s current president and the company’s team is also made up of talented recruits from other automobile companies including Tesla and BMW. 

Byton’s first vehicle was unveiled at this year’s CES which held January in Las Vegas and is targeted to start selling this vehicle late next year, Byton also targets to launch three car models in 4 years time and will make use of this huge capital to invest in its manufacturing facility to greatly speed up production.

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