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Avatr Technology
Avatr Technology Co., Ltd. (Chinese: 阿维塔; pinyin: Ā wéi tǎ; pronounced "Avatar") is a Chinese electric vehicle manufacturer headquartered in Chongqing.
Avatr Technology was established in 2018, with China Changan Automobile and CATL as its first and second largest shareholders, holding 40.99% and 14.1% equity stakes in collaboration with various Chinese domestic entities. Huawei supplies advanced driver-assistance systems algorithms and smart cockpit solutions.
In 2018, Changan aimed to establish a company dedicated to developing modern, technologically advanced electric vehicles in partnership with Nio Inc. To achieve this, a joint venture named Changan-Nio was formed with an equal 50:50 share ratio. However, the partnership did not materialize, as Nio withdrew from the alliance two years later.
Following Nio's withdrawal, Changan Automobile as the primary shareholder partnered with battery manufacturer CATL. In May 2021, the company was renamed from Changan-Nio to Avatr Technology.
In November 2021, Avatr conducted its first round of capital increase and share expansion, resulting in a dilution of Changan Automobile's ownership from 95.38% to 39.02%. CATL acquired a 23.99% stake, while the remaining shares were held by various investment entities. Although Huawei did not become a shareholder, it collaborated closely with Avatr, providing comprehensive technological solutions.
In August 2022, Avatr initiated its Series A funding round, attracting three additional investors supported by Chinese private enterprises and local governments. The total financing scale reached nearly 5 billion yuan. As a result, Changan Automobile's ownership stake increased from 39.02% to 40.99%. CATL, which did not participate in the capital increase, saw its ownership stake 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 Chongqing Chengan Foundation, a state-owned foundation, is the third-largest shareholder, with its ownership stake decreasing from 13.55% to 11.17%.
In August 2024, Avatr announced an investment in Huawei's subsidiary, Yinwang (Shenzhen Yinwang Intelligent Technology Co., Ltd.), acquiring a 10% stake for RMB 11.5 billion and becoming Yinwang's second-largest shareholder. Yinwang, formerly known as Huawei Intelligent Automotive Solution, serves as Huawei's automotive business unit. In the second half of 2023, Huawei opted to operate its business unit independently and open it to public equity investment. Avatr became the first company to invest in Huawei's new unit, Yinwang. This transition upgraded the previous "HI" (Huawei Inside) model to the enhanced "HI Plus" model, allowing Huawei to play a more integral role in defining Avatr's products.
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Avatr Technology
Avatr Technology Co., Ltd. (Chinese: 阿维塔; pinyin: Ā wéi tǎ; pronounced "Avatar") is a Chinese electric vehicle manufacturer headquartered in Chongqing.
Avatr Technology was established in 2018, with China Changan Automobile and CATL as its first and second largest shareholders, holding 40.99% and 14.1% equity stakes in collaboration with various Chinese domestic entities. Huawei supplies advanced driver-assistance systems algorithms and smart cockpit solutions.
In 2018, Changan aimed to establish a company dedicated to developing modern, technologically advanced electric vehicles in partnership with Nio Inc. To achieve this, a joint venture named Changan-Nio was formed with an equal 50:50 share ratio. However, the partnership did not materialize, as Nio withdrew from the alliance two years later.
Following Nio's withdrawal, Changan Automobile as the primary shareholder partnered with battery manufacturer CATL. In May 2021, the company was renamed from Changan-Nio to Avatr Technology.
In November 2021, Avatr conducted its first round of capital increase and share expansion, resulting in a dilution of Changan Automobile's ownership from 95.38% to 39.02%. CATL acquired a 23.99% stake, while the remaining shares were held by various investment entities. Although Huawei did not become a shareholder, it collaborated closely with Avatr, providing comprehensive technological solutions.
In August 2022, Avatr initiated its Series A funding round, attracting three additional investors supported by Chinese private enterprises and local governments. The total financing scale reached nearly 5 billion yuan. As a result, Changan Automobile's ownership stake increased from 39.02% to 40.99%. CATL, which did not participate in the capital increase, saw its ownership stake 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 Chongqing Chengan Foundation, a state-owned foundation, is the third-largest shareholder, with its ownership stake decreasing from 13.55% to 11.17%.
In August 2024, Avatr announced an investment in Huawei's subsidiary, Yinwang (Shenzhen Yinwang Intelligent Technology Co., Ltd.), acquiring a 10% stake for RMB 11.5 billion and becoming Yinwang's second-largest shareholder. Yinwang, formerly known as Huawei Intelligent Automotive Solution, serves as Huawei's automotive business unit. In the second half of 2023, Huawei opted to operate its business unit independently and open it to public equity investment. Avatr became the first company to invest in Huawei's new unit, Yinwang. This transition upgraded the previous "HI" (Huawei Inside) model to the enhanced "HI Plus" model, allowing Huawei to play a more integral role in defining Avatr's products.