BYTON Announces Plans for Round C Funding Ahead of Factory Completion

NANJING, China, May 9, 2019 /PRNewswire/ -- BYTON, the premium intelligent electric vehicle maker, has announced it will complete its Round C fundraising in mid-2019 with support from multiple investors. In addition, BYTON has shared further details on its Nanjing factory construction as well as its sales strategy.

Construction of BYTON's Nanjing plant, which started in September 2017, is nearing completion and trial production of the M-Byte SUV will start in the third quarter of 2019. The installation and commissioning of key equipment has already begun in the five major workshops: stamping, paint, welding, battery, and assembly. The plant is built to industry 4.0 standards using global leading manufacturing equipment and technology, including:

• The stamping shop completes one panel every three seconds on average. It will be one of the fastest stamping production lines in China.
• The welding shop incorporates 335 welding robots supplied by leading manufacturing equipment provider KUKA with an automation rate of 99 percent.
• The paint shop uses cutting-edge painting technologies such as the transverse Eco-Incure oven technology ? a first in China.
• The battery shop will produce and assemble battery packs that are designed independently by BYTON. Leading battery maker CATL provides the battery cells and modules, while aluminum maker Constellium supplies the aluminum battery tray.

"Our plant in Nanjing leverages the world's best equipment and production processes, and follows the highest standards in safety and environmentally responsible production, together which allows us to deliver on our promise of quality," said Dr. Daniel Kirchert, CEO and Co-Founder of BYTON. "As we move toward the start of series production of our first car at the end of this year, our dream of reshaping the future mobility will soon become a reality."

In addition, following the debut of the BYTON Place flagship gallery in Shanghai, the second BYTON Place is scheduled to open in Chongqing in mid-2019 alongside BYTON's first Service Center. More stores are expected to open in other cities in Q4 2019, followed by key cities in North America and Europe.

The BYTON M-Byte is scheduled to debut in Q3 2019. BYTON will begin selling China by the end of this year, followed by the U.S. and Europe in 2020.

About BYTON
BYTON aspires to build premium intelligent electric vehicles for the future. Its crafted cars integrate advanced digital technologies to offer customers a smart, connected, comfortable and eco-friendly driving and mobility experience.

BYTON aims to create a premium brand rooted in China which has a global reach. Its global headquarters, intelligent manufacturing base and R&D center are located in Nanjing, China, while its North American headquarters, devoted to intelligent car experience, autonomous driving, whole vehicle integration and other cutting-edge technologies, is based in the Silicon Valley. The company's vehicle concept and design center is located in Munich. BYTON also has offices in Beijing, Shanghai and Hong Kong to handle external affairs, marketing, sales, design and investor relations.

BYTON's core management team is made up of the world's top experts from China, Europe and the U.S., all of whom have held senior management positions in innovative companies such as BMW, Tesla, Google and Apple. Their expertise covers automotive design, automotive engineering and manufacturing, electric powertrain, intelligent connectivity, autonomous driving, user interface and supply chain management among other industry sectors, the sum of which represents BYTON's strengths in manufacturing premium automobiles that are equipped with high quality internet technologies.

Official website: www.BYTON.com

For further information, please contact:

Andrew Hussey,
[email protected]

David Buchko
[email protected]

Jim Cameron
[email protected] 

SOURCE BYTON