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

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