Byton, a premium smart electric vehicle startup, and supplier Bosch Group signed a strategic cooperation agreement in Germany on Sept. 24. The agreement focuses on powertrain technology, braking, and driver assistance systems.
The signing ceremony was held during the Jiangsu-Germany (North Rhine-Westphalia) Open Innovation Cooperation Forum in Düsseldorf. Dr. Carsten Breitfeld, CEO and co-founder of BYTON delivered a speech at the forum and shared the company’s profile and latest developments.
Other guests that attended the signing ceremony include Wu Zhenglong, Governor of Jiangsu Province, Feng Haiyang, Consul General of the Chinese Consulate General in Düsseldorf, and Lutz Lienenkämper, the Minister of Finance of North Rhine-Westphalia.
Aside from the three major areas of cooperation, both companies will also work together on brand advertising, product marketing, technology development, quality training, customer services, and staff training, according to Byton.
“Bosch has years of experience in cooperating with premium carmakers. We are convinced that Bosch, through its enormous automotive competence, will become one of the most important partners of Byton,” Dr. Breitfeld said.
Bosch is a global automotive supplier to original equipment manufacturers. The company generates 60 percent of its revenue from automotive components. Bosch is recognized as a pioneering developer of anti-lock brake systems (ABS) and traction control systems.
Byton has been working on futuristic EV concepts and has recently showcased its M-Byte and K-Byte concepts at Pebble Beach Concours d’Elegance in August. The M-Byte features autonomous driving technology, a panoramic widescreen display that stretches across the dashboard, and other luxury interior features. The electric vehicle is currently being tested in China, the U.S. and Europe.
On June 11, BYTON raised $500 million in its Series B funding, allowing the company to sit at a comfortable financial position to establish additional business partners. The main investors include China FAW Group, Qidi Holdings, Ningde Times, and Jiangsu “Belt and Road” investment funds. In addition, BYTON has established a global headquarters in Nanjing and a North American headquarters in Silicon Valley.