Avatr closed a RMB 3 billion Series B financing round in August, bringing its post-investment valuation to nearly RMB 20 billion.

(Image credit: CnEVPost)

Changan Automobile's premium electric vehicle (EV) subsidiary Avatr Technology plans to list in Hong Kong in 2025, a report yesterday by local media Cailian said.

Avatr closed a RMB 3 billion ($422 million) Series B financing round in August, bringing its post-investment valuation to nearly RMB 20 billion, the report noted.

The brief report didn't mention any more details about Avatr's plans to list in Hong Kong, and the company has recently seen major management changes.

Avatr announced on December 12 that Changan's chairman, Zhu Huarong, had become chairman of the EV unit, and that current chairman and CEO, Tan Benhong, would no longer hold any position at Avatr and would rejoin Changan.

Changan vice president Wang Xiaofei will assist Zhu in Avatr's operations, major project promotion, and key business operations, according to Avatr's announcement.

Avatr, initially known as Changan Nio, was a joint venture between Changan and Nio that was formed on July 10, 2018. Tan had been involved in the formation of the joint venture since 2017.

In August 2021, Changan rebranded Changan Nio as Avatr and said that the EV unit would be led by Changan, with Huawei and CATL responsible for smart vehicle solutions and battery solutions.

Nio's stake in Avatr has been diluted as the company secured external financings. Following Avatr's funding round in August, Nio's stake in the company dropped to 0.67 percent.

Notably, Nio and Changan announced on November 21 a partnership in battery swap business, deepening their relationship.

Changan became the first automaker to enter into such a partnership with Nio, and the two companies will work together to promote the establishment of battery swap battery standards, the construction and sharing of a battery swap network, and the research and development of battery swap-enabled models.

On November 29, Geely Holding and Nio reached a similar cooperation. Yesterday, Nio founder, chairman and CEO William Li said the company signed a deal for battery swap alliance business with another automaker on December 14, without mentioning the automaker's name.

($1 = RMB 7.1102)

Changan's EV arm Avatr closes $410 million in new funding