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A Byton EV model on display at Auto China 2018. Photo: VCG via Getty Images

China-based electric vehicle startup Byton announced that it has closed a $500 million fundraising round and that investors include the major Chinese battery maker Contemporary Amperex Technology (CATL).

What's happening: Byton introduced an electric SUV concept early this year and plans to begin mass production in 2019. The company is also planning other vehicles.

One reason it matters: Per Bloomberg, CATL also does business with automotive heavyweights including Nissan and BMW, and last year became the world's largest EV battery supplier.

  • Speaking of EV batteries: Via The Wall Street Journal on Monday, "The speculative fever for electric-car metals is pushing to nearly four-year highs prices for nickel — a key ingredient in stainless steel."

Go deeper: Reuters has more here, including news on CATL's soaring share price on its first day of trading on China's Shenzhen exchange

Go deeper

Buffett eyes slow U.S. progress, but says "never bet against America"

Warren Buffett in New York City in 2017. Photo: Daniel Zuchnik/WireImage

Warren Buffett called progress in America "slow, uneven and often discouraging," but retained his long-term optimism in the country, in his closely watched annual shareholder letter released Saturday morning.

Why it matters: It breaks months of uncharacteristic silence from the 90-year-old billionaire Berkshire Hathaway CEO — as the fragile economy coped with the pandemic and the U.S. saw a contentious presidential election.

Restaurant software meets the pandemic moment

Illustration: Annelise Capossela/Axios

Food delivery companies have predictably done well during the pandemic. But restaurant software providers are also having a moment as eateries race to handle the avalanche of online orders resulting from severe in-person dining restrictions.

Driving the news: Olo filed last week for an IPO and Toast is rumored to be preparing to do the same very soon.

Bryan Walsh, author of Future
5 hours ago - Technology

How the automation economy can turn human workers into robots

Illustration: Sarah Grillo/Axios

More than outright destroying jobs, automation is changing employment in ways that will weigh on workers.

The big picture: Right now, we should be less worried about robots taking human jobs than people in low-skilled positions being forced to work like robots.

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