Electric car startup Byton loses co-founder and former CEO, reported $500M Series C to close this summer
The race is on for building and shipping more cost-effective electric cars, but today one of more ambitious startups in the field announced some significant changes that underscore some of the challenges in making that a reality. Byton, the Chinese electric car startup, today announced that Carsten Breitfeld, the former BMW executive and Byton co-founder who had been the CEO and was most recently chairman, has left the company “to start a new adventure within the start-up industry.”
To offset that news, Byton said that it is currently recruiting for a new CTO, will close its Series C funding — a $500 million round, according to this report from January — this summer, and is on track for production of its M-Byte SUV vehicle for Q4 2019. The company recently said that it is looking towards an IPO, with the business currently valued at around $4 billion and counting 50,000 customers, with half in China and half in the US.
“Thanks to our founding team and all employees we’re well on track and looking forward to delivering the M-Byte this year to customers in China, followed by the US and Europe in 2020,” said Byton co-founder and current CEO …read more
Source: Tech Crunch