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Electric cars in China

China's BYD raises $4bn war chest to combat Tesla

EV maker's stock sale bolsters R&D against competition in booming market

BYD cars on display in Guangzhou: The electric vehicle maker's sales are recovering. (Photo by Takashi Kawakami) 

GUANGZHOU -- Chinese electric vehicle maker BYD has raised 29.9 billion Hong Kong dollars ($3.85 billion) from a stock sale, with the proceeds to fortify the company against Tesla's successful forays in its backyard.

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