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Avatr Technology, an electric vehicle (EV) startup owned by China’s Changan Automobile Group, said it raised CNY2.4bn (US$378m) at the end of its first round of strategic fundraising.

At the end of the round, Changan was left with a 39% stake while the country’s largest EV battery manufacturer, Contemporary Amperex Technology, (CATL), took a 24% stake to become the second largest shareholder plus local investment company Chongqing Liangjiang New Area acquired a 20.9% stake.

Avatr chairman and CEO Tan Benhong said in a statement: “Our goal was to introduce strategic and local industry investors into the first round of financing and it was completed as scheduled. It also demonstrated confidence from the capital markets in our unique advantages and future development prospects.”

Tan confirmed the company would soon launch an A-round of financing which would be followed by an independent stock market listing.

CATL president Zeng Yuqun said: “our investment in Avatr Technology demonstrates our full confidence in the long term prospects of the new EV manufacturer and our strategy of backing outstanding independent, home grown brands”.

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By GlobalData