Chinese EV maker Avatr raises $411m in Series B round

State-affiliated investors join in funding, pushing valuation to $2.7bn

20230901 DSA AVATR

Founded in 2018, Avatr Technology is backed by state-run automaker Chongqing Changan Automobile and EV battery giant Contemporary Amperex Technology. © Reuters

STEPHANIE LI, DealStreetAsia

HONG KONG -- Chinese smart electric vehicle company Avatr Technology, backed by state-run automaker Chongqing Changan Automobile and EV battery giant Contemporary Amperex Technology (CATL), said it has secured 3 billion yuan ($411.5 million) in a Series B funding round.

The news on Thursday comes after Hozon New Energy Automobile sealed a 7 billion yuan crossover financing round on Wednesday, marking another major transaction in the Chinese EV sector in just one week.

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