May 15, 2018 / 7:19 AM / 13 days ago

China's FAW to invest $260 mln in EV start-up Byton -sources

BEIJING, May 15 (Reuters) - Chinese state-owned carmaker FAW Group has agreed to invest around $260 million in China-backed electric car startup Byton as part of an ongoing series-B funding round, two people with knowledge of the matter told Reuters on Tuesday.

The deal was signed over the weekend in Nanjing where Byton is building its headquarters and production facilities as well as a technology centre, the two people said. Byton is looking to raise a total of about $500 million in the round.

FAW did not respond to requests for comment.

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

The people said that the two firms were also in discussion about cooperating on specific projects in product development and parts procurement. (Reporting by Norihiko Shirouzu; Writing by Adam Jourdan; Editing by Himani Sarkar)

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