Chongqing’s Avatr Technology plans to raise an amount not exceeding 4 billion yuan (US$560 million). Current shareholders may participate in the capital increase, with the number of investment partners yet to be determined. ?

Avatr Technology is a high-end new energy brand created by Changan Auto, CATL and Huawei.?

Avatr has already completed two rounds of financing, 2.4 billion yuan in November 2021 and 2.5 billion in August 2022 creating a post-investment valuation of nearly 10 billion yuan.

The money will be used for R&D and general business purposes. After the capital increase, the combined holding of Changan Auto and China South Industries Assets Management will not exceed 50 percent.?

Avatr currently has two EVs on sale, Avatr 11 and Avatr 011, with a starting price of 319,900 yuan.?

Mass production began in December. Sales of the Avatr 11 have been less than 2,000 per month.