Due to the cooperation mode of “CHN,” AVATR Technology increased its valuation by 700%, attracting more attention from investors.
China’s smart electric vehicle maker AVATR Technology (Chinese: 阿维塔) just announced its pre-money valuation reached CNY 6.26 billion (USD 938 million) from CNY 0.79 billion within one year.
Public information shows that Changan Automobile (Chinese:长安汽车) was the parent of AVATR Technology. However, the company became independent from Changan after it finalized equity transfer in March 2022.
AVATR Technology was established by Changan, Huawei, and CATL combined their advantages in various fields to create an intelligent electric vehicle technology platform dubbed “CHN.” CHN is the acronym of Changan, Huawei and Ningde Shidai, the pinyin name of CATL.
By the second half of 2022, the company’s first high-end smart electric vehicle, the AVATR 011, will be launched officially.
AVATR 011 is a medium-sized SUV, and it will come with Huawei Inside Intelligent Solution, CATL’s ternary lithium-ion battery pack and its new-generation cell-to-pack technology (CTP) and 400 TOPS of computing power. Moreover, the new vehicle is equipped with sensors including 3 LiDARs, 6 millimeter-wave radars, 12 ultrasonic sensors and 13 cameras, according to media reports.
When asked about the company’s surging valuation, Tan Benhong, the CEO of AVATR Technology, said it is proof that the capital market has confidence in AVATR Technology’s long-term development and partnership with Changan, Huawei and CATL.