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Chinese Byton raises USD 500 million to take on Tesla

Auto News - Published on Thu, 14 Jun 2018

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AFP reported that China-based electric car startup Byton has raised USD 500 million as it ramps up efforts to take on rivals like Tesla. Byton's new capital is led by from FAW Group, Tus-Holdings, CATL and others, a statement from its North American headquarters in California said.

Mr Daniel Kirchert, president and co-founder, said that "The success of this funding round highlights how diversified strategic investors will further expand Byton's circle of friends and broaden our development opportunities. Byton is establishing a new benchmark for auto startups with four essential 'must haves,' namely technology, product, capital and factory."

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Posted By : Rabi Wangkhem on Thu, 14 Jun 2018
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