Changan Automobile confirms AVATR Technology’s plans for independent listing

Published: Sep 27, 2024 17:19

Source: gasgoo

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Changan Automobile recently responded to investor inquiries via the Shenzhen Stock Exchange’s Q&A platform, confirming that AVATR Technology holds plans to go public independently.

Beijing (Gasgoo)- Changan Automobile recently responded to investor inquiries via the Shenzhen Stock Exchange’s Q&A platform, confirming that AVATR Technology, the premium new energy vehicle company co-backed by Changan Automobile, Huawei, and CATL, holds plans to go public independently.

Changan stated that AVATR Technology will continue to develop independently, operate with market-driven strategies, and integrate resources from strategic partners. The company is also preparing for an independent listing and aims to collaborate with more strategic partners in the future.

In August, AVATR signed a share transfer agreement with Huawei to acquire a 10% stake in Huawei's subsidiary, Shenzhen Yinwang Technology Co., Ltd., for 11.5 billion yuan, making it the second-largest shareholder. A source close to AVATR revealed that the company plans to follow up with an additional 10% stake in Yinwang after the recent investment from Huawei’s other automaking partner, SERES.

In August 2024, AVATR delivered 3,712 new vehicles, marking an 88% year-on-year increase and a slight month-on-month rise. From January to August 2024, the carmaker’s cumulative deliveries reached 36,367 units.

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