Hyperdrive
China EV Startup Is Said to Seek $500 Million in Fundraising
- FAW to be lead investor with $100 million, people say
- Byton’s valuation could exceed $2.5 billion after deal
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Chinese electric-car startup Byton is close to clinching funding from investors led by state-owned China FAW Group Co., as it prepares to begin sales in the country’s burgeoning new-energy vehicle market, according to people familiar with the matter.
FAW, China’s third-largest automaker, is scheduled to sign an agreement within weeks to inject about $100 million into the car maker, the people said, asking not to be named because the matter is private. Byton aims to bring in a total of about $500 million from its latest round of fundraising, which would value the company at more than $2.5 billion, the people said.