Avatr Technology, the electric vehicle (EV) company backed by Changan Automobile, CATL, and Huawei, has successfully closed its Series C financing round, securing over RMB 11 billion (approximately $1.5 billion).
The new round of funding will support Avatr’s ambitions to accelerate the development of future vehicle models, enhance brand recognition, and expand its presence in international markets.
Avatr, which was originally founded as Changan Nio in 2018, plans to go public by 2026. This announcement was made by Avatr’s president, Chen Zhuo, on Weibo, marking the beginning of the company’s preparations for an initial public offering (IPO).
As part of the new financing, Changan will contribute RMB 4.551 billion, while other existing and new investors will add a total of RMB 6.55 billion to the company. Changan’s stake in Avatr will remain steady at 40.99%, while CATL’s stake will decrease from 14.1% to 9.17%.
Despite its significant backing and strong growth potential, Avatr has faced financial challenges, posting a cumulative net loss of RMB 7.1 billion from 2022 to the first half of 2024. Changan aims to help Avatr achieve break-even by the latter half of 2025.
The company has also strengthened its ties with Huawei, notably securing a 10% stake in Huawei’s automotive unit, Newcool, and forming an agreement to deepen collaboration in product development and other key areas.
