Trading house Marubeni to invest in Chinese electric vehicle startup Byton: report
TOKYO, NNA – Major Japanese trading house Marubeni Corp. has sealed a strategic partnership with Chinese electric vehicle maker Nanjing Byton Electric Vehicle Co. and is participating in its latest fundraising.
The two firms signed the deal that covers overseas production and sales as well as energy solutions, among other fields, last Thursday, Autohome, a local online platform for automotive consumers, reported.
Through the series C round of capital sourcing, Byton aims to raise $500 million. A Marubeni spokesman in Tokyo refused to comment on the deal.
The Chinese e-mobility maker has delayed mass production of its M-Byte electric sedan initially scheduled for the fourth quarter of this year. It is planning to launch the sedan in China in the middle of 2020 and in Europe and the United States in 2021, the report said.
Byton implemented fundraising series A of $240 million in 2017 and series B of $500 million last year. Major automaker China FAW Group Co. has injected $265 million into the venture, the largest amount of capital among other investors.