Beijing (ZXZC)- AVATR Technology is currently in the process of raising around 10 billion yuan in its Series C financing round, which will bring its post-investment valuation to over 30 billion yuan, according to a local report on October 11. The announcement was made by AVATR's President Chen Zhuo during a supplier partnership meeting.

Photo credit: AVATR

AVATR Technology has already completed three financing rounds between 2021 and 2023.

Founded in 2018, AVATR Technology is a high-end smart new energy vehicle brand created through a partnership between Changan Automobile, Huawei, and CATL. In September this year, Changan Automobile revealed that AVATR would pursue independent development, operate through a market-oriented approach, and integrate resources from strategic partners with plans to go public independently.

In August 2024, AVATR announced an investment of 11.5 billion yuan in Huawei’s subsidiary, Shenzhen Yinwang Intelligent Technology Co., Ltd., acquiring a 10% stake in Yinwang and securing a seat on its board and audit committee, becoming its second-largest shareholder.

In the past month, AVATR delivered 4,537 new vehicles, marking a 47% year-on-year surge.