AVATR Technology Seeks 10 Billion Yuan in Series C Financing Round
AVATR Technology, a high-end smart new energy vehicle brand, is currently in the process of raising approximately 10 billion yuan in its Series C financing round. This funding round is expected to elevate the company’s post-investment valuation to over 30 billion yuan, as announced by AVATR’s President Chen Zhuo during a recent supplier partnership meeting.
Photo credit: AVATR
Since its inception in 2018, AVATR Technology has successfully completed three financing rounds between 2021 and 2023.
Formed through a collaboration between Changan Automobile, Huawei, and CATL, AVATR Technology has solidified its position as a leading player in the smart new energy vehicle market. In a recent statement, Changan Automobile disclosed that AVATR would embark on an independent development path, adopt a market-oriented strategy, and leverage resources from its strategic partners in preparation for an independent public offering.
In a major move in August 2024, AVATR announced a significant investment of 11.5 billion yuan in Huawei’s subsidiary, Shenzhen Yinwang Intelligent Technology Co., Ltd. This investment secured AVATR a 10% stake in Yinwang and a seat on its board and audit committee, making AVATR the second-largest shareholder in the company.
Recent performance indicators show promising growth for AVATR, with the company delivering 4,537 new vehicles in the past month alone, marking a notable 47% year-on-year increase in sales.
