Avatr Technology

Avatr Technology Co., Ltd. (pronounced "Avatar") is a Chinese electric automotive manufacturing company headquartered in Chongqing. Avatr Technology is a premium EV brand Changan Automobile joint-ventured with battery provider CATL and multiple Chinese domestic foundations, technology supported by Huawei.
History
The origin of Changan-Nio
In 2018, Changan intended to create a new company focused on the development of modern, technologically advanced electric cars in cooperation with Nio. For this purpose, a joint venture company Changan-Nio with a 50:50 share ratio was established in 2018, but two years later, the alliance did not materialize because of the withdrawal of Nio.
The birth of Avatr
After the withdrawal of Nio, the main shareholder Changan engaged the giants of Chinese modern technologies - the battery manufacturer CATL and the technology corporation Huawei, and renamed the Changan-Nio to Avatr Technology in May 2021.
In November 2021, Avatr Technology launched its first round capital increase and share expansion Changan Automobile's ownership diluted from 95.38% to 39.02%. CATL held 23.99%, and the rest is hold by multiple investment foundations. Huawei is not a shareholder, but collaborated closely with Avatr, providing it with a comprehensive technology solution.
In August 2022, Avatr launched the Series A round funding, after introducing three more investors backed by Chinese private companies and local governments, Avatr Technology reached overall financing scale of nearly 5 billion yuan. Changan Automobile's ownership stake has increased from 39.02% to 40.99%, while CATL did not participate in the capital increase, its ownership stake being diluted from 23.99% to 17.10%.
In August 2023, Avatr completed its Series B financing round, achieving a valuation of nearly 20 billion RMB. Changan Automobile, China Southern Industrial Asset Management, and Liangjiang Industrial Fund continued to increase their investments. Additionally, it attracted state-owned capital from Chongqing Industrial Investment Fund, China Everbright Investment, and Guangkai Holdings. Changan Automobile remains the largest shareholder, with its ownership stake unchanged at 40.99%. CATL is the second-largest shareholder, with its ownership stake decreasing from 17.10% to 14.10%, and Chongqin Cheng'an Foundation, a state-owned foundation, is the third-largest shareholder, with its ownership stake decreasing from 13.55% to 11.17%.
Products
The first Avatr vehicle was the large, fully electric SUV E11, which stands out from competing designs with a long range on one charge of approximately .
The start of production of the first model for the domestic Chinese market was scheduled for the second quarter of 2022, with deliveries of the first units scheduled for the end of the same year. Finally, the production model called Avatr 11, with the letter "E" finally removed from its name, officially debuted in August 2022. Sales of the luxury electric car began in November 2022, a year after the official launch of the new company, positioning it as a premium product with a price tag of $51,800. At the same time, Avatr Technology expressed its willingness to expand its model offer by 4 new cars by 2025. The first model that is part of the expansion of the Avatr brand's is the executive car, dubbed the 12, which was officially presented in July 2023.
Current
Avatr 11 (2022–present), mid-size SUV
Avatr 12 (2023–present), mid-size sedan
Sales
References
External links
Changan Automobile joint ventures
Car manufacturers of China
Electric vehicle manufacturers of China
Chinese companies established in 2021