(Yicai Global) May 21 -- The joint venture between Chinese electric vehicle startup Nio and Changan Automobile changed its name to Avatar Technology yesterday following a gradual reduction of Nio’s stake in the company.

Avatar, formerly known as Changan Nio New Energy Automotive Technology, will now run AB Auto, the premium smart EV brand formed by Changan Auto, Huawei Technologies and power battery giant Contemporary Amperex Technology, Chongqing-based Changan Auto said.

Unlike Changan Auto, Shanghai-based Nio did not increase its investment in Avatar, which was a 50:50 joint venture when set up in 2018. Changan Auto now owns 95.37 percent to Nio’s 4.62 percent.

How Nio will be involved in AB Auto is not yet known.

“AB Auto will operate independently, while using the resources of its strategic partners,” Tan Benhong, vice president of Changan Auto and Avatar’s chairman, told Yicai Global on May 19. “It also plans an independent listing.”

Changan Auto will begin rolling out the new energy vehicles developed with Huawei and CATL as soon as the end of this month, Tan added. AB Auto plans to bring out five NEVs, Changan said at Auto Shanghai last month. The first will be equipped with Huawei’s CDC intelligent cockpit platform.

Editors: Tang Shihua, Tom Litting