Chinese automobile maker Byton formally reached strategic cooperation with Japan's Marubeni and Marubeni will participate in Byton's series C funding.

Apart from the investment, the two parties will discuss further cooperation possibilities in various sectors, including transportation service, energy solution, and overseas production and sales.

It is said that Byton's series C funding has entered the final stage and its investors include FAW Group and the industrial fund under the Nanjing government. In addition, the company also introduced overseas capital, including South Korean parts supplier Myoung Shin Co. and Japan's Marubeni.

Byton's CEO Dai Lei previously revealed on Weibo that the company would expand cooperation with Internet companies in 2020 to add car applications and enhance people-car connectivity function. Dai emphasized that Byton would launch its bulk production models in 2020.