AVATR Technology Completes First Round of Strategic Financing
Chongqing–November 5th, 2021 – AVATR Technology has officially announced the successful 1st round of strategic financing with a total of 2.42 billion yuan ($378 million). Three new strategic investors have been introduced in the form of consortium.
Upon completion of this round of transaction pertaining to capital growth and share expansion, Chongqing Changan Automobile Company Limited, CATL consortium, Chongqing Liangjiang Fund consortium, SIAMC consortium, and NIO Inc. will have 39.02%, 28.99%, 20.88%, 9.97%, and 1.14% of the staking respectively.
‘To introduce strategic and local industry investors into the 1st round of financing has been our goal, and it finished as scheduled. It also demonstrated confidence from the capital market in our unique advantages and future development prospects. We will soon launch A-round of financing, and the company also planned an independent listing in the future.’ Said Tan Benhong, Chairman and CEO of AVATR Technology.
Zeng Yuqun, Chairman of CATL, said the deepening of cooperation showed the confidence in the long-term development of AVATR Technology, as well as in building world-class Chinese brand in the field of high-end SEV market.