China-based electric startup company Byton has confirmed that the company has raised another $500 million and has also unveiled its new K-Byte electric sedan concept to take on the likes of Tesla. The second round funding received by Byton is led by FAW Group, Tus-Holdings, CATL and many other companies.
Byton is betting big on electric mobility and says that it ready with four essential 'must haves', namely technology, product, capital and factory. “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 president and co-founder Daniel Kirchert.
Byton's top management includes former executives from Tesla, BMW, Google and Apple and the company has offices in China, USA and Germany. The company plans to roll out the first batch of its prototype vehicles in April 2019 followed by production. The Chinese electric carmaker is also developing autonomous driving technology, with some self-driving functions expected to be incorporated in its first models.
The company also showcased its Byton K-Byte electric Concept sedan that is embedded with Level 4 autonomous driving technology to. BYTON K-Byte Concept closes the gap between self-driving and self-realization. Daniel says, "BYTON's K-Byte Concept makes its global debut, defining the new aesthetics of auto design in the age of autonomous driving. Its "Byte" derived name highlights the DNA of BYTON's next-generation smart devices, which will be showcased in series of vehicles available starting in 2019." Byton also said that the difference between Level 4 and Level 5 is not big and the company is working on a second-generation platform designed for Level 5.
The Byton K-Byte underpins the platform used in the M-Byte SUV and gets the same all-electric powertrain. The rear-wheel-drive K-Byte will have 268 hp of power and the AWD model will have a max power of 469 hp.