EV startup BYTON has concluded a Series B fundraising round, attracting a total of $500 million, which it will invest in mass production, R&D and product development.

“The success of this funding round highlights how diversified strategic investors will further expand BYTON’s circle of friends and broaden our development opportunities,” said BYTON President and co-founder Dr. Daniel Kirchert. “BYTON is establishing a new benchmark for auto startups with four essential must-haves: namely Technology, Product, Capital and Factory.”

BYTON recently unveiled its Premium Sedan Concept in Shanghai, featuring integrated and retractable lidar sensors. The company has  partnered with tech firm Aurora to develop a Level 4 autonomous driving program.

As if all that weren’t enough news for one week, BYTON has also announced the official opening of its global headquarters in Nanjing, China.

BYTON already has an R&D center in Silicon Valley and a design center in Munich. Construction of the company’s manufacturing base in Nanjing is proceeding steadily. The first batch of prototype vehicles is scheduled to roll out in April 2019, pilot production is slated for the first half of 2019, and the first vehicles are to reach the market in the fourth quarter.

“As a world leader in smart mobility, we aim to build BYTON into a global premium brand with ‘China Root, Global Reach’ as the core of our development strategy,” said Dr. Carsten Breitfeld, CEO and co-founder. “By combining our expertise in R&D and traditional car-making with innovative internet technologies, we aspire to pioneer a smart mobility revolution.”

Source: Byton