Automotive News   |   Automotive News Europe   |   Autoweek   |   Automobilwoche

Automotive News China Newsletter
Register our free newsletter, sent each Monday and Thursday

     Automakers   Suppliers   Auto Show   Comment   Car Cutaway   Newsletters   Press Releases   Chinese Version   Register for Newsletter
  Contact Us:   Editorial   Advertising   Subscription Information   |   About Us   Media Kit
Home Email this story   Print this story
CATL acquires 'sizable' stake in EV startup Byton
Reuters | 2018/6/12

BEIJING -- China's dominant battery producer, Contemporary Amperex Technology, agreed to invest in Chinese-funded electric vehicle startup Byton.

Byton did not disclose the size of CATL's investment, but its spokeswoman said the battery producer is a "sizable investor" that participated in Byton's $500 million Series B round of funding.

Global and local automakers are making a major push to beef up EV capabilities in China, the world's largest car market, where the government is driving a shift toward cleaner new-energy vehicles.

Other investors that took part in the latest round of funding in Byton include Chinas state-owned automaker FAW Group and Tus-Holdings, according to Byton. Last month, Byton said FAW had invested $260 million in the latest funding round.

"Diversified strategic investors will further expand Byton's circle of friends and broaden our development opportunities," Byton's president Daniel Kirchert said in the statement.

Byton last year raised $240 million in an earlier round of funding from investors including Chinese retailer Suning and Fullshare Holdings.

CATL did not respond to requests for comment.

Shares in CATL soared 44 percent on their debut in Shenzhen on Monday, the maximum allowed for newly listed stocks on their first day of trade.

CATL, based in southeast China's Fujian province, sold 217 million new shares, or 10 percent of its enlarged capital, at an initial price of 25.14 yuan ($3.92) each.

Related Stories
  • Chinese EV startup Byton readies 1st sedan, plans for U.S. launch
  •     --Published:2018/19/6
  • Tesla's missteps offer timely lesson for China's EV startups
  •     --Published:2018/15/6
  • Byton sets annual output at 150,000 EVs
  •     --Published:2018/15/6
  • CATL set to build battery factory in Germany
  •     --Published:2018/8/6
  • Contemporary Amperex curbs IPO
  •     --Published:2018/1/6
  • Honda preps small EV with batteries from Chinese supplier, report says
  •     --Published:2018/25/5
  • FAW to invest $260 million in EV startup Byton
  •     --Published:2018/18/5
  • Panasonic says it could make batteries with Tesla in China
  •     --Published:2018/11/5
  • Chairman Mao's sedan may be revived with assist from EV startup
  •     --Published:2018/24/4
  • China regulator clears battery giant CATL's $2 billion IPO
  •     --Published:2018/10/4
  • BYD close to completing battery recycling plant
  •     --Published:2018/23/3
  • Meet the suppliers feeding China's battery revolution
  •     --Published:2018/20/3
  • Panasonic opens battery plant in Dalian to supply electrified vehicles
  •     --Published:2018/16/3

    Our Newsletter Editions
    Automotive News China produces two email newsletters each week. You can sort your news by the articles highlighted in each of our newsletters here.

    Select your newsletter     


    Automotive News China
    Room 1303, Building 2, Lane 99, South Hongcao Road,
    Shanghai 200233
    Telephone: 86-139-1851-5816
    Fax: 86-21-6495-0895
    Home | Help Center | About Us | Privacy Policy | RSS
    Entire contents © Crain Communications, Inc.
    Use of editorial content without permission is strictly prohibited. All Rights Reserved.