Beijing (ZXZC)- Avatr Technology, a subsidiary of Chongqing Changan Automobile Co.,Ltd. (Changan Auto), plans to add 2 to 5 new investors for capital increase and share enlargement, the automaker said in an announcement. And an IPO is also an option for Avatr. 

According to the announcement, Changan Auto has a stake of 95.38% in Avatr, and the stake of Avatr’s existing investors will be no less than 39% after the deal. The capital increase is expected to attract high-quality social capital which will be used to enhance the core competitiveness of Avatr and accelerate the development of its new energy business. In 2020, Avatr had a loss of RMB150 million ($23.07 million).

In May this year, Changan NIO New Energy Automotive Technology Co,Ltd. changed its name to Avatr Technology Co.,Ltd., marking the start of its independent operation and development. The technology company also cooperated with Changan Auto, Huawei, CATL to develop an intelligent-connected electric vehicle platform, the CHN, to create intelligent vehicle portfolio.

In the coming five years, Avatr will introduce 5 new models based on the CHN. Among the five models, the one codenamed E11, built on new-generation intelligent and electric platform, will be a middle-sized SUV which will be powered by Huaiwei’s HI intelligent vehicle solutions. The sample vehicle of the E11 has rolled off the production line and is under test.