Author: Zai’er
On the evening of April 28th, Avita Technology announced that its latest round of valuation has increased to 6.26 billion yuan, achieving nearly 7 times rapid growth.
This is the second time that Avita Technology’s valuation has been disclosed. On November 5, 2021, when Avita Technology first increased capital and enlarged shares through public listing, its valuation was disclosed as 788.2 million yuan (based on the income method, with the appraisal reference date as December 31, 2020).
CHN Cooperation Mode Recognized by the Market
“The significant increase in this valuation proves the capital market’s confidence in our long-term development prospects and also reflects the recognition of the pioneering CHN cooperation mode,” explained Tan Benhong, chairman and CEO of Avita Technology. “By joining forces with Chang’an Automobile, Huawei, and CATL, we are the first to truly master the core capabilities of the SEV industry in the hands of the Chinese people.”
From its inception, Avita Technology has brought together the unique strengths of its three strategic partners – Chang’an Automobile, Huawei, and CATL – in the areas of vehicle R&D, intelligent automotive solutions, and smart energy ecology. Together, they are committed to creating a Chinese high-end SEV brand in the global leading intelligent electric vehicle technology platform – CHN.
Huawei’s rotating chairman Xu Zhijun introduced that with more than 30 years of accumulation of ICT (Information and Communication Technology), Huawei will provide full-stack intelligent automotive solutions for all Avita models. And it has invested nearly a thousand engineers to jointly develop the new model “Avita 11” with the Avita team, which is dedicated to bringing users an intelligent travel experience.
It is reported that as the second-largest shareholder of Avita Technology, CATL will also provide leading technology and resource support for Avita’s intelligent electric vehicles.
On March 11, this year, Avita Technology completed the first round of financing and officially changed from a subsidiary controlled by Chang’an Automobile (full name “Chongqing Chang’an Automobile Co., Ltd.”, stock code “000625”) to a joint venture company.
It is understood that the first round of strategic financing of 2.42 billion yuan, as well as the upward adjustment of Avita’s future sales and revenue expectations based on the income method evaluation, are important reasons for the significant increase in this round of valuation. At present, Avita Technology is orderly promoting series A financing.
Chang’an Automobile has just announced its first-quarter financial report. Interestingly, the transfer of part of Avita Technology’s equity has contributed 2.13 billion yuan in net profit to Chang’an Automobile, accounting for nearly 50% of the first-quarter net profit ratio.
The First Model Has Entered the Third Trial Production StageTan Benhong said that this year is Avta’s first product year, and they will always work with excellent partners to efficiently promote the high-quality production and delivery of the first product within this year, fulfilling their commitment to the market and users.
Currently, the first emotional intelligent electric vehicle Avta 11 has completed the white body offline production and a series of tests such as extreme cold and endurance, has entered the third round of trial production, and more than a hundred test vehicles have been produced.
It is understood that Avta 11 is the first high-end SEV brand with a full range of Huawei Inside intelligent car solutions, equipped with the leading super sensing system and supercomputing platform in the industry, including three laser radars, six millimeter wave radars, 12 ultrasonic radars, 13 cameras, and a 400Tops high computing power, which can realize high-end intelligent driving for complex road conditions in urban areas.
Regarding the power battery, Avta 11 will be equipped with the Ningde Times’ new generation CTP ternary lithium battery pack, with a maximum range of over 700km, and will be the first to apply the 750V high-voltage charging system in the industry.
It is worth noting that Avta Technology is actively cooperating with Huawei to enter Huawei’s city stores.
Avta Technology plans to open its first store in the second quarter, covering cities such as Chongqing, Shenzhen, Beijing, Hangzhou, Chengdu, Guangzhou, and expanding its sales network to hundreds of cities this year, achieving large-scale production and batch delivery within this year, steadily advancing towards its four-year and four-car medium- and long-term strategy.
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.