Beijing (ZXZC)- On August 31, AVATR, the premium new energy vehicle brand jointly backed by Changan Automobile, Huawei, and CATL, announced the successful completion of its B round financing with 3 billion yuan secured.

Photo credit: AVATR

Upon completion of the funding round, AVATR’s post-investment valuation stands at nearly 20 billion yuan.

Key investors from its previous round, including Changan Automobile, Southern Capital, and Liangjiang Industrial Fund, continued to invest. Additionally, AVATR introduced new state-owned investors such as Chongqing Industrial Investment Fund, BOCOM Investment, and Guangzhou Development District Holding, in a collective effort to achieve the 3-billion-yuan investment goal.

This round of funding was initiated in June this year. The project was announced on the Chongqing Equity Exchange, stating AVATR's intention to raise funds not exceeding 4 billion yuan. The funds will primarily be allocated towards R&D, production line expansion, branding, and channel development, as well as bolstering working capital requirements.

With the successful conclusion of its B round financing, AVATR plans to accelerate the development of upcoming vehicle models, expand production lines, bolster brand presence, and enhance its distribution network. The brand's strategic roadmap includes completing 350 dealership touchpoints by the end of 2023.

Presently, AVATR's flagship model, the AVATR 11, has achieved cumulative deliveries of over 12,000 units. Recently, the AVATR 11 HarmonyOS Edition hit the market, priced at 280,000 yuan, featuring the customized HarmonyOS cockpit and Huawei's advanced ADS 2.0 smart driving system. The brand is poised to debut its second model, the AVATR 12, at the upcoming IAA MOBILITY 2023 in early September, with deliveries expected later this year.