Avatr secures over 1.5 billion USD investment in its Series C
On December 17th, Avatar Technology, co-developed by Changan, Huawei, and CATL, has secured over 11 billion yuan (1.5 billion USD) in its Series C financing round. Funds from this financing round aims to accelerate Avatr’s current operations and enhance its future competitiveness in the luxury EV market.
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Avatr was first created by Changan Automobile in an effort to create technologically advanced electric cars in cooperation with Nio. A joint-venture company was first formed with Changan-Nio each with a 50:50 share ratio in 2018. Two years later, however, the alliance did not materialize due to the withdrawal of Nio.
After the withdrawal of Nio, Changan engaged CATL and Huawei as development partners and named the company Avatr. Changan is the primary shareholder with 40.99% of shares, while CATL holds 14.1% of shares. The rest of the shares are held by local governments and investment funds. Huawei is not a shareholder, but a close collaborator providing much of Avatr’s technology solutions.
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In August 2022, Avatr launched its Series A round funding, raising nearly 5 billion yuan (680 million USD). In August 2023, Avatr completed its Series B financing round, achieving a valuation of nearly 20 billion yuan (2.7 billion USD).
Avatr began its Series C round of funding in November and ended its funding round with an additional 11 billion yuan (1.5 billion USD) raised. The investment will primarily be used for R&D of upcoming models, production line expansion, brand development, and supplementing working capital.
On December 12, Avatr and Huawei signed a comprehensive strategic cooperation agreement at Huawei’s Shenzhen headquarters. Both companies agreed to deepen their collaboration in product development, marketing, and ecosystem services to support Avatr’s next-generation vehicle series.
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Avatr achieved a record monthly sales volume of 11,579 units this November, marking a year-on-year growth of over 180%. In December, Avatr launched its Avatr 11 2024 facelift and unveiled its new Avatr 06 sedan.
资料来源 ITHome
