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Electric car startup BYTON obtains $500M in series B fundraising

BYTON raised $500 million in a series B funding round and formally opened its global headquarters in Nanjing, China.

The funding round was backed by FAW Group, Tus-Holdings and CATL, among other investors.

The electric car startup said it expects to roll out the first prototype models for testing in April 2019, with the pilot production program set to begin in the first half of 2019 and the first mass production model scheduled for market launch in the fourth quarter of that year.

BYTON has a research and development center in California's Silicon Valley and a design center in Munich.