Shanghai (ZXZC)- Changan NIO New Energy Automotive Technology Co,Ltd. (Changan NIO), a controlling subsidiary of Chongqing Changan Automobile Co.,Ltd. (Changan Automobile), has already changed its corporate name to Avatr Technology Co.,Ltd., Changan Automobile announced on May 20.

Photo credit: Changan Automobile

According to the announcement, Avatr Technology will be independently operated based on market-oriented methods. It will join hands with Changan Automobile, Huawei, and CATL to co-develop the independent and controllable intelligent-connected electric vehicle platform CHN, an abundant smart vehicle product lineup, as well as the ecosystem for smart lifestyle and smart energy featuring connectivity of user, car and home.

Leveraging the advantages in ICT infrastructures and smart devices, Huawei will team up with Avatr Technology to offer users a full-stack intelligent vehicle solution. In addition, CATL will endow Avatr Technology with its EV power battery technologies to co-build a safe and convenient energy ecosystem.

Founded on July 10, 2018, Changan NIO was a joint venture between NIO Co.,Ltd., and Changan Automobile, both of which held 45% equity interest initially. Then Changan NIO became a 50/50 joint venture between the two parent companies.

According to Changan Automobile's semi-annual financial results for 2020, Li Bin, founder of NIO, stepped down as chairman of Changan NIO, and the position was succeeded by Tan Benhong, executive vice president of Changan Automobile. Meanwhile, by substantially increasing investment, Changan Automobile saw its stake in the joint venture surge to 95.38%.

According to the business information provider Tianyancha, registered capital of Changan NIO grew by 100 million yuan ($15.526 million) to 288 million yuan ($44.714 million). At the same time, the design and R&D of new energy vehicles were removed from the company's business scope.