Chinese automobile manufacturer Byton, also called Future Mobility Corporation, said it has recently completed the B-round financing totalling US$500 million, The Paper reported.

The injection is led by state-owned auto giant FAW Group, high-tech firm Tuspark, lithium-ion batteries producer Contemporary Amperex Technology as well as the “Belt & Road” investment funds of Jiangsu province.

Founded in 2016, the automaker was originally supported financially by Foxconn and Tencent. However, Foxconn has announced that it will no longer invest in vehicle manufacturing projects and Tencent has not provided additional investment.

It is reported that the company has invested 11 billion yuan (US$1.72 billion) to set up a factory in Nanjing city, and the annual production capacity is expected to be 300,000 vehicles.

Its first model for mass production is set to be officially on the market in the fourth quarter of next year.