Beijing (ZXZC)- Changan Auto’s premium new energy vehicle brand AVATR announced that its valuation has surged to RMB6.26 billion ($938.16 million), soaring nearly 700% from before. 

Photo credit: AVATR

This marked AVATR’s second time to publicly disclose its valuation after its initial capital increase on November 5th, 2021. The company’s then valuation was RMB788.2 million ($118.12 million). 

The Changan Auto-CATL-HUAWEI-backed high-end intelligent electric vehicle brand debuted in November 2021. Since February 22nd, 2022, the company has been working on a new round of capital increase,which has been completed on March 25th. 

After the transactions, AVATR transformed into a joint venture from a Changan Auto subsidiary. The company’s business reports will no longer be included in Changan Auto’s statements. 

Moreover, after the transactions, Changan Auto’s stake in AVATR was diluted from 95.38% to 39.02%. With a 23.99% stake, CATL has become its second-largest shareholder. Notably, NIO’s stake in AVATR was also diluted from 4.62% to 1.13%, due to the lack of participation in the round of capital increase.

In addition, AVATR added that it has kicked off its Series A financing round, and it has plans for an IPO in the future.