China's Byton eyes IPO to fund expansion: Automobilwoche

FILE PHOTO: The logo is pictured on the back of a Byton Concept T car during a media preview at the Auto China 2018 motor show in Beijing, China April 25, 2018. REUTERS/Jason Lee

FRANKFURT (Reuters) - Chinese electric car maker Byton may launch an initial public offering to fund growth, Carsten Breitfeld, its chief executive and co-founder, told Germany’s Automobilwoche.

“With the capital-intensive nature of business and our expansion, the topic of listing on the stock market will become relevant,” Breitfeld told the publication.

Before this, Byton will seek another round of fundraising from private investors prior to starting production of its vehicle, Breitfeld said.

Byton already has financial backing from Chinese state-owned carmaker FAW Group [SASACJ.UL] which in May agreed to invest around $260 million, as well as from Chinese battery supplier Contemporary Amperex Technology Co (CATL) 300750.SZ.

Reporting by Edward Taylor; Editing by Peter Graff