On August 2, 2022, Avita Technology announced the completion of Series A financing. The round of financing was led by the National Green Development Fund, with follow-up investment from investment institutions such as CMB International Capital, Guotou Geely, Weihao Chaoxin under VENUSTECH, CITIC New Future, etc. Existing shareholders such as Changan Automobile and Southern Asset Management also added investment. After the completion of this round of financing, the overall financing scale of Avita Technology was nearly 5 billion yuan, and the post-investment valuation was nearly tens of billions.
After completing this round of financing, Changan Automobile and CATL(Contemporary Amperex Technology Co. Limited) remained the first and second largest shareholders of Avita Technology. Changan Automobile’s shareholding ratio increased from 39.02% to 40.99%. Due to not participating in the additional investment, CATL’s shareholding ratio was diluted from 23.99% to 17.10%, and the shareholding ratio of Shanghai NIO Automobile Co., Ltd. was diluted from 1.13% to 0.81%.
The new round of financing will be used for Avita’s future product research and development, brand building, channel construction, etc. The second new car, Avita 12, is also being pushed forward in an orderly manner.
On August 8th, Avita’s electric sports SUV, Avita 11, and its limited edition, Avita 011, will be officially launched, and the first batch of offline experience centers will also be opened simultaneously, with delivery to be completed within the year. Avita also announced that it will complete channel coverage in over 100 cities in the same year.
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.