Beijing (ZXZC)- Avatr Technology Co., Ltd. (Chongqing) incorporated a subsidiary, named Avatr New Energy Technology Co., Ltd. (Shanghai), on October 20th, according to corporate information database Qichacha.  

The Avatar E11 lauch; Photo credit: Changan Auto

The new energy subsidiary’s authorized scope of business includes auto parts R&D, conference/exhibition services, and corporate management consulting, with a registered capital of RMB10 million (roughly $1.56 million).

Avatr Technology Co., Ltd. (Chongqing) is the sole holding company of the newly founded Avatr New Energy Technology Co., Ltd. (Shanghai).

On July 10th, 2018, NIO and Changan Auto established a joint venture called Changan NIO New Energy Automotive Technology Co., Ltd., with 50/50 equity owned by both parties. In June last year, Changan Auto made a capital increment in the venture, raising its stake to 95.38% and NIO’s down to 4.62%.

In March this year, the company’s registered capital increased RMB100 million ($15.5 million) to RMB288 million ($45.04 million). On May 20th 2021, the joint venture changed its name to Avatr Technology.