(Yicai Global) Nov. 16 -- Avatar Technology, an electric car startup under Chongqing Changan Automobile, will start mass production of its first new energy vehicle model in the third quarter next year, the firm’s chief executive officer said yesterday.
The Avatar E11's first Body in White, a term in auto manufacturing which means a vehicle's bare-bones frame, rolled off the production line in Chongqing last month, Tan Benhong, who is also chairman of the firm, said at a launch event for the car marque in Shanghai.
"Avatar will soon start Series A funding and is also aiming for an independent listing to bring in more strategic partners with diversified backgrounds," Tan said.
The luxury smart vehicle is powered by a 400 Trillion or Tera Operations per Second super chip. It boasts a range of 700 kilometers, 200 kilowatt high-voltage charging and can accelerate to 100 km per hour from a standstill in less than four seconds.
The car uses the CHN architecture, developed by Chongqing-based Changan Automobile, battery giant Contemporary Amperex Technology and telecoms firm Huawei Technologies. Huawei provides the autonomous driving and smart cockpit software systems while CATL supplies the latest battery technologies, Tan said.
Shenzhen-based Huawei is a strategic partner, deeply involved in Avatar’s development, but it is not a shareholder in the company, Tan said. In the future, the E11 will also be sold through Huawei outlets.
Earlier this month, the carmaker bagged CNY2.4 billion (USD375.8 million) in a fundraiser that brought in a number of new stakeholders. At present, Changan Auto holds a 39 percent stake, CATL 24 percent, Chongqing Cheng'an Private Equity Investment Fund Partnership 19 percent and electric carmaker Nio 1.13 percent.
Editors: Xu Wei, Kim Taylor