Huawei-backed EV startup raises 5 billion

Avatr, a Chang’an Automobile spinoff backed by Huawei and CATL, has completed a funding round of 5 billion yuan (US$740 million). The money will be used for R&D and marketing. 

Chang’an Automobile and CATL are the two major stakeholders of Avatr while Huawei holds no shares but offers its “intelligent automotive solutions”.

Last year, the Avatr 11 was unveiled. It is available on August 8 for delivery before the end of this year. The company aims to launch four more models before 2025.