Avatr speeds up EV market entry with new funds

Chinese electric vehicle (EV) startup Avatr Technology announced this week that it had completed its A round of fundraising despite difficult market conditions, including widespread Covid lockdowns across China earlier this year and stricter government licensing requirements.

Avatr Technology, originally backed by companies such as Changan Automobile, Huawei, CATL and local investment firm Chongqing Liangjiang New Area, said it has raised CNY 5 billion (USD 741 million) so far to fund the expansion, an increase of $2. 4 billion CNY (356 million dollars). ) at the end of November last year.

New investors in the company included the National Green Development Fund Company government fund owned by China Merchants Capital and Shanghai-based venture capital firm Inno-Chip.

Tan Benhong, CEO of Avatr Technology, said in a statement: “The combined strength of local financial funds and well-known industrial capitals not only provides more stable capital support, but also enriches our industrial chain resources, making our strategic collaboration ecology and capital structure more diverse.”

The company said the new funds would be used to accelerate development of future products, develop the brand and kick-start facility construction.

The company added that it was already developing its second EV model.

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