Chinese EV brand Avatr has closed an RMB 3 billion ($410 million) round of funding from existing shareholders including automaker Changan and new investors such as the Bank of Communications, the firm said on Wednesday. The funding comes despite months of lackluster sales of Avatr’s first model. The Series B fundraising round gives the EV maker, set up jointly by Changan, battery maker CATL, and tech giant Huawei, a valuation of nearly RMB 20 billion, with the proceeds to be invested in accelerating vehicle development and expanding its production and sales network. Chongqing-headquartered Avatr delivered 10,755 units of its Avatr 11 electric crossover from January to June after delivery began in late December, according to figures released by the China Automobile Dealers Association. Featuring Huawei’s advanced driver assistance system, the Avatr 11 comes with a starting price of RMB 319,900. The firm plans to launch its second model later this year, which will be a medium-to-large-sized all-electric sedan. [Avatr announcement, in Chinese]
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