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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

5 hours ago - Politics & Policy

Rahm Emanuel floated for Transportation secretary

Rahm Emanuel. Photo: Joshua Lott for The Washington Post via Getty Images

President-elect Biden is strongly considering Rahm Emanuel to run the Department of Transportation, weighing the former Chicago mayor’s experience on infrastructure spending against concerns from progressives over his policing record.

Why it matters: The DOT could effectively become the new Commerce Department, as infrastructure spending, smart cities construction and the rollout of drone-delivery programs take on increasing economic weight.

6 hours ago - Politics & Policy

Biden turns to experienced hands for White House economic team

Illustration: Sarah Grillo/Axios

Joe Biden plans to announce Cecilia Rouse and Brian Deese as part of his economic team and Neera Tanden to head the Office of Management and Budget, sources tell Axios.

Why it matters: These are experienced hands. Unveiling a diverse group of advisers also may draw attention away from a selection of Deese to run the National Economic Council. Some progressives have criticized his work at BlackRock, the world's largest asset management firm.

Biden taps former Obama communications director for press secretary

Photo: Mark Makela/Getty Images

Jen Psaki, who previously served as Obama's communications director, will serve as President-elect Joe Biden's press secretary, the transition team announced Sunday.

The big picture: All of the top aides in Biden's communication staff will be women, per the Washington Post, which first reported Psaki's appointment.

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