Chinese Based EV Startup Seeking $400 Million In Funding

The Chinese based electric car startup in Byton has announced that they are in the process of trying to secure $400 million in a new round of funding for the company. Byton made a huge splash and impression at the recent Consumer Electonics Show in Las Vegas. They displayed their vehicle which is designed by former engineers and executives from BMW. Ever since, the company has been launching a huge effort to bring on investors and taking their vehicle to the next step in becoming a worldwide and household name.

Byton actually got its start as Future Mobility Corporation. Some of the features that Byton showcased at CES 2018 with their new vehicle was the ability to unlock doors with facial recognition, a large 49 inch screen across the dashboard, and Amazon’s Alexa to help with voice recogniition and control. The company announced that their new vehicle will be available for sale next year and will have a starting price at $45,000, as compared to the $35,000 for the staring price of the Tesla Model 3, its closest competitor.

The company has recieved $200 million in funding from Suning Holdings Group Co. and from some other various Chinese state owned firms. There has not been any official word as to how Byton plans on acquiring the new round of funding or if that number could rise or lower.

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Joel Stocksdale
Joel Stocksdale has more than a quarter century joined car industry and car news coverage encounter that he conveys to Green Auto Shop perusers. Over the thirteen years that he possessed a car business, he worked straightforwardly with each significant auto mark in the vehicle business and got comfortable with all makes and models of autos. His energy for autos drove him to put over the most recent twelve years in car news coverage where he conveys all that experience to his perusers as he expounds on the vehicle business and the most recent test autos he drives.