Santa Clara-based Tesla competitor seeks $500M in new funding

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Future Mobility Corp., the Chinese competitor to Tesla Inc. known as Byton, is reportedly seeking at least $500 million in new funding. Reuters cited unnamed sources who said the round would value the electric car maker, whose U.S. headquarters is in Santa Clara, at more than $4 billion. The funding would follow soon after Byton raised $500 million in a Series B round last summer from Chinese investors. Byton wants to attract more foreign investors in the new round which will be used finance the...

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