Avatr completes first round of financing

Avatr Technology, an emerging electric vehicle maker and a subsidiary of China Changan Automobile Group, announced it has finished its first round of strategic financing with a total of 2.42 billion yuan ($378 million).

With the move, Changan will hold a 39.02 percent stake. Battery giant CATL will have a 23.99 percent stake in the company and became the second-largest stakeholder. An investment fund from Chongqing’s Liangjiang New Area will also hold 20.88 percent.

"To introduce strategic and local industry investors into the first round of financing has been our goal, and it finished as scheduled. It also demonstrated confidence from the capital market in our unique advantages and future development prospects," Avatr chairman and CEO Tan Benhong said.

Tan disclosed the company will soon launch its A-round of financing, and the company also planned an independent listing in the future.

CATL President Zeng Yuqun said the deepening of cooperation showed the company’s full confidence in the long-term development of Avatr Technology, as well as in building outstanding independent homegrown brands.