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Chinese electric vehicle startup raises $500 million

A gray-green car on display on a platform
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.