Marubeni to invest in Chinese EV maker Byton
2019-12-25 13:39:11 [Print]
Japanese integrated trading and investment company Marubeni will invest in the Chinese electric vehicle manufacturer Byton's Series C funding drive.
Under this capital partnership between the two companies, Marubeni is expected to invest several million dollars to the EV maker, but the amount is yet to be disclosed. The Japanese company is also planning to use the pre-owned batteries of the Byton vehicles to create storage systems for renewable energy. Apart from that, the two companies will also strike a strategic partnership to co-operate on ride-hailing services alongside overseas production and sales of the Byton electric vehicles.
Byton planned to finish its Series C fundraising by mid of 2019, but that was delayed because of the share price decline of another Chinese EV manufacturer Nio. This delay has also created a delay for the launch of the Byton's first e-car, M-Byte.
Previously, Byton announced a target to raise $500 million in the Series C funding round. The company is also expected to receive investment from another Chinese auto giant First Automobile Group, Myoung Shin.
The EV maker has struck a strategic partnership with Myoung Shin three months ago. These two companies will collaborate on local manufacturing and sales of EVs, supply chain logistics and investment.
Under this capital partnership between the two companies, Marubeni is expected to invest several million dollars to the EV maker, but the amount is yet to be disclosed. The Japanese company is also planning to use the pre-owned batteries of the Byton vehicles to create storage systems for renewable energy. Apart from that, the two companies will also strike a strategic partnership to co-operate on ride-hailing services alongside overseas production and sales of the Byton electric vehicles.
Byton planned to finish its Series C fundraising by mid of 2019, but that was delayed because of the share price decline of another Chinese EV manufacturer Nio. This delay has also created a delay for the launch of the Byton's first e-car, M-Byte.
Previously, Byton announced a target to raise $500 million in the Series C funding round. The company is also expected to receive investment from another Chinese auto giant First Automobile Group, Myoung Shin.
The EV maker has struck a strategic partnership with Myoung Shin three months ago. These two companies will collaborate on local manufacturing and sales of EVs, supply chain logistics and investment.
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