- Marubeni also plans to use pre-owned batteries of the Byton vehicles
- It is expected that Byton will also receive investment from Chinese auto major Myoung Shin
According to a report by Nikkei Asian Review, Japanese integrated trading and investment company Marubeni will invest Chinese electric vehicle manufacturer Byton’s series C funding drive. As per the report, Marubeni is expected to invest several million dollars in Byton but the amount ha snot been disclosed yet.
Byton had intended to finish its series C fundraising by mid of this year. It got delayed due to the fall in share price of Chinese EV manufacturer Nio. This delay led to a delay for the launch of the first e-car from Byton called M-Byte.
Use pre-owned batteries of the Byton vehicles
The report said that the Japanese company is also planning to use pre-owned batteries of the Byton vehicles. This will be done to create storage systems for renewable energy. The two companies will also team up to to co-operate on ride-hailing services. It will also join hands for overseas production and sales of the Byton electric vehicles.
As per the report, previously Byton had announced a target to raise $500 million in the Series C funding round. It is expected that the company will also receive investment from Chinese auto major Myoung Shin.
The company had entered the partnership three months back. They will work on local manufacturing and sales of EVs, supply chain logistics and investment as per the report.