AVATR Raises $740 Million at more than $1.48 Billion Valuation

AVATR is a start-up that produces electric vehicles. Formerly known as Changan NIO New Energy Automotive Technology Co, Ltd., or Changan NIO changed its name to AVATR Technology in May 2021. The company joined with Huawei, CATL, and Changan Automobile for the development of controllable intelligent-connected electric vehicle platform CHN.

The funding round was led by China’s National Green Development Fund. Among other participants were such institutional investors as China Merchants Jintai Capital and CITIC New Future Investment. Existing investors, Changan Automobile and China Southern Capital also took part in the round. Except for the capital raised, AVATR also signed an agreement with new investors for cooperation in chip supply, visual image perception, and sales network support.

AVATR, China, was founded as a joint venture between NIO Co., Ltd., and Changan Automobile in 2018. The first production model is planned to appear on market in August, meanwhile, AVATR is working on the second production model. “The joint force of local financial funds and well-known industrial capitals not only provides more stable capital support but also further enriches our industrial chain resources, making our strategic cooperation ecology and capital structure more diverse,” said Tan Benhong, CEO of AVATR. The cooperation model created by AVATR is an example of the integration and development of the automotive, information, and communications technology sectors.

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