Shanghai (ZXZC)- EV startup Byton said it is not convenient yet to comment a report from relevant media outlets saying it is close to clinching funding from investors led by China’s state-owned automaker FAW Group, citing a people familiar with the matter. Meanwhile, the startup disclosed that its ongoing Series C financing round is expected to be completed around midyear of 2019.

The recent report using the people’s words revealed that FAW Group was scheduled to sign an agreement within weeks to inject about $100 million into the EV maker. The people also said Byton aims to gather about $500 million from its latest round of fundraising, which would value the company at more than $2.5 billion. 

Apart from the completion of Series C funding round, Byton still gets two significant projects to be finished in 2019—the M-Byte mass-produced version is planned to make its global debut in the third quarter with the presale price published at the same time; the assembly line will be put into trial operation in the third quarter ahead of the volume production of the new model at the end of year, said Dr. Daniel Kirchert, the startup’s CEO and Co-Founder, at an event to demonstrate its plant’s theme outward.

The Nanjing-headquartered car maker experienced an important executive change in recent months. On January 29, 2019, BYTON announced that the company would separate the roles and responsibilities of Chairman of the Board and CEO, with Dr. Carsten Breitfeld named as the Chairman and Dr. Daniel Kirchert appointed as the company's CEO.

However, Dr. Carsten Breitfeld, has already left Byton and now joined ICONIQ Motors, a Tianjin-based new energy vehicle maker, according to his own confirmation delivered at the Auto Shanghai 2019.

“Dr. Carsten Breitfeld rarely involved the operational businesses after the executive structure adjustment in January, while the company still runs smoothly as well. Currently, our mass-produced model is very close to the market. Since I was named CEO, I have paid a lot attention to the volume production in the near future and marketing issues. Besides, we will continue to improve the operation quality and reinforce the control over costs,” said Dr. Daniel Kirchert.