Avatr Technology has successfully closed its series C funding round, raising over RMB 11 billion ($1.5 billion) with plans to go public by 2026. This electric vehicle (EV) company, supported by major investors such as Changan Automobile, CATL, and Huawei, announced the completion of its latest round of financing, which includes both existing and new investors.
With this new funding, Avatr aims to bolster its working capital to accelerate the development of new models, enhance brand presence, and expand internationally. The company’s president, Chen Zhuo, revealed on Weibo that preparations for an IPO in 2026 have already begun.
In a separate announcement by Changan, it was disclosed that additional capital will be injected into Avatr by various stakeholders, with Changan maintaining a 40.99 percent stake in the company. Notably, CATL’s share will decrease from 14.1 percent to 9.17 percent following the capital infusion.
Originally founded as Changan Nio in partnership with Nio in 2018, Avatr underwent a name change in 2021 to reflect its evolving identity. Despite accumulating a net loss of RMB 7.1 billion from 2022 to the first half of 2024, Changan remains optimistic about Avatr’s financial prospects, aiming for profitability by late 2025.
In a strategic move, Avatr acquired a 10 percent stake in Huawei’s automotive unit, Newcool, for RMB 11.5 billion, solidifying its position as the second-largest shareholder. This partnership with Huawei extends to deep collaboration in various areas, including product development, marketing, and eco-services.
As Avatr continues to strengthen its position in the competitive EV market, key alliances and strategic investments play a crucial role in driving growth and innovation. The company’s upcoming IPO in 2026 marks a significant milestone in its journey towards becoming a prominent player in the global EV industry.
