Economy, Auto

Chinese EV Maker Seeks $400m in New Investments

Chinese EV Maker Seeks $400m in New InvestmentsChinese EV Maker Seeks $400m in New Investments

Byton, the Chinese electric-car startup is seeking about $400 million in a new round of funding, people with knowledge of the matter said. The Nanjing-based company, which showcased a concept car at the Consumer Electronics Show 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, Bloomberg reported.  Byton, formerly known as Future Mobility Corp., this month unveiled an electric SUV that uses facial recognition to unlock doors, Amazon’s Alexa to entertain and a 49-inch screen across the dashboard. Its first model will be available for sale next year starting at $45,000, compared with a $35,000 base price for Tesla’s Model 3. No final agreements have been reached, and details of the fundraising plan could change, the people said. A representative for Byton declined to comment. Byton received $200 million from a Suning Holdings Group Co. fund and some state-owned firms in Jiangsu province.


Add new comment

Read our comment policy before posting your viewpoints