Avatr Technology Finishes Inaugural Round of Financing
The first round of financing for Avatr Technology has been completed, as the firm’s registered capital has increased from 288 million yuan ($45.2 million) to 1.172 billion yuan. In addition, top Chinese battery maker Contemporary Amperex Technology Co., Limited (CATL) officially became the second largest shareholder of Avatr, with a shareholding ratio of 23.99%.
In November of last year, Changan Automobile announced that it had agreed to introduce new investors to Avatr, including CATL, for a total amount of 2.42 billion yuan.
According to the announcement, after the capital increase is completed, Changan Automobile’s shareholding ratio will be decreased from 95.38% to 39.02%, while CATL and NIO will take 23.99% and 1.13% of shares respectively.
In addition, the change of the company’s business scope has officially been approved. The alterations have seen Avatr add three core businesses, namely: vehicle production; fast charging stations and electric vehicle charging infrastructure operation; and derivatives sales. “We are open to cooperation and will start A-round financing within the year,” Avatr revealed.
Avatr Technology aims to combine the advantages of Changan Automobile, Huawei and CATL across various fields to create an independent and controllable intelligent electric network automobile platform – “CHN.” Avatr’s first high-end smart electric vehicle will be officially unveiled this year. This model will be equipped with Huawei Inside and the latest electrification technology of CATL. In the next five years, Avatr Technology says it intends to launch more models.
SEE ALSO: Battery Giant CATL Invests in Avatr Technology, Becoming Second-Largest Shareholder
Avatr 11 was revealed by China’s Ministry of Industry and Information Technology (MIIT) earlier this month, suggesting that the new model will soon be put into mass production. Its scheduled release is at Auto China 2022 and it will begin deliveries in the third quarter.