FAW Group will reportedly provide $100m for TUS Holdings-backed Byton for a $500m round likely to value the electric SUV developer at more than $2.5bn.
China-based electric car developer Byton is set to raise approximately $100m from carmaker FAW Group as part of a series C round with a $500m target, Bloomberg reported yesterday, citing people familiar with the matter.
Byton is reportedly seeking a valuation of more than $2.5bn in the round, the sources said, though reports in January 2019 suggested the company was aiming for a valuation as high as $4bn.
Founded in 2016 as Future Mobility, Byton is working…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.