BYTON, FAW sign strategic cooperation agreement to accelerate deployment in NEV area

Shanghai (Gasgoo)- BYTON, a Chinese intelligent EV startup signed a strategic cooperation framework agreement with FAW Group in Nanjing on July 2. It is disclosed from BYTON that both parties will give full play to the synergistic effect in auto industry to conduct a variety of cooperation in such areas as platform technologies, investment and shares acquisition, as well as parts procurement.

Wang Guoqiang, standing committee of the communist party and vice general manager of FAW Group, Liang Guiyou, assistant to general manager and director of product planning and project management of FAW Group, Dr. Carsten Breitfeld, CEO and co-founder of BYTON, Dr. Daniel Kirchert, president and co-founder of BYTON made their presence at the FAW and BYTON's signing ceremony of strategic cooperation framework agreement.

Dr. Carsten Breitfeld stated that it is BYTON's great honor to deeply cooperate with FAW Group. The cooperation with FAW will help BYTON to achieve its mass production goal in the future.

Dr. Daniel Kirchert added that BYTON has made great progress in product R&D and project construction since it rolled into Nanjing Economic and Technologic Development Zone in 2017. As BYTON and FAW's cooperation grows deeper, both parties will accelerate the deployment in intelligent new energy vehicle areas.

On June 11, BYTON announced that its Nanjing-based global headquarters started operation, together with the close of its RMB 500 million Series B funding, which included FAW Group and CATL as strategic investors. In April, the trial manufacturing workshop of its Nanjing plant started operation, and BYTON's first batch of engineering trial sample models rolled off the production line. It is expected that several hundred engineering trial sample models would be handed over by the end of this year. Moreover, the relevant testing will also started to conduct as scheduled. The pre-manufacturing of BYTON's first mass-produced model will be realized in the first half of 2019, and the model will hit the market in the first quarter of 2019.