Baiteng completed 500 million US dollars B round financing FAW led investment headquarters in Nanjing

[Introduction]: A few days ago, Baiteng completed the B round of financing, and this time it received 500 million US dollars of financing, which greatly exceeded expectations, and did not worry about getting money. This time, led by FAW, Baiteng will be headquartered in Nanjing.

On June 11th, the battery unicorn company listed on the GEM also made a large-scale investment in Baiteng, and due to the participation of FAW Group and Ningde era, the financing amount of the B-round of the Baiteng Automobile exceeded expectations. Previously, the foreign media disclosed that the investment of the FAW Group in the B-round financing of the Bait Group was about 260 million US dollars.

Beit's first product gained a lot of attention after the CES debut in January 2018, including FAW Group. Recently, FAW has been in constant contact with Bayern, and the investment decision-making process is very fast. FAW is more focused on product development capabilities and teams, and the two sides will cooperate in product development, production, sales and service.

At the 2018 Beijing Auto Show, Chairman of Ningde Times Zeng Yiqun (middle), and two co-founders: BYTON President, Dai Lei (left), CEO Bi Fukang (right)

According to 36氪, the Ningde era may have a stronger interest in Baiteng after the Beijing Auto Show. At the Beijing Auto Show at the end of April, Zeng Yiqun, the chairman of Ningde Times, participated in the Baiteng booth. According to informed sources, “the products and the team are very recognized.”

Founded in December 2011, the Ningde era, in 2017, its power lithium battery shipments reached 11.84GWh, ranking first in the world, with revenues of nearly 20 billion and profits of 3.878 billion yuan. According to statistics, in the domestic market, the market share of the Ningde era has occupied 27%.

The Ningde era is in a state of “supply in short supply” in the market. The investment in the Ningde era is a big plus for Baiteng. Previously, the company has completed a total investment of US$300 million in PreA and A rounds.

Baiteng's first SUV product starts at $45,000, or about 300,000 yuan. The benchmark Audi Q5 and BMW X3, the basic version has a cruising range of 400 kilometers, and the top speed can reach 180 kilometers per hour. The time is less than 6 seconds and is expected to be available in 2019. It can achieve L3 level autopilot and upgrade to L4 autopilot level after 2020.

In addition, the concept version of its sedan model will be unveiled at the CES Asia on June 13th.

The participation of FAW and Ningde era in investing in new vehicle-making enterprises will become a signal that there will be more penetration between new vehicles and traditional industrial chains in the future, and thus further transforming, upgrading and transforming the automobile industry.

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