China EV startup Byton said to be raising $500m at over $2.5b valuation

Byton M-Byte Concept electric SUV. Photographer: Qilai Shen/Bloomberg

Chinese electric-car startup Byton is close to clinching funding from investors led by state-owned China FAW Group Co., as it prepares to begin sales in the country’s burgeoning new-energy vehicle market, according to people familiar with the matter.

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