According to a report by Chinese automotive portal Gasgoo, Changan Automobile has changed the name of its Changan Nio subsidiary to Avatr Technology. Previously, Changan Automobile and Nio formed the joint venture in 2018, but the latter has since exited due to several reasons.
While Changan Automobile had held a 45% stake in the JV, which was then increased to 50%, the company now has a 95.38% stake. This is according to the company’s financial results for the first half of 2020, which also revealed that Changan Automobile’s vice president Tan Ben Hong has succeeded Nio founder William Li as chairman of Changan Nio.
The new Avatr Technology will operate independently and will work together with Huawei and CATL to continue working on an electric vehicle platform dubbed CHN. While Huawei will provide its expertise on smart car technology (as seen with the Seres SF5), CATL will deliver the battery technology that power planned EVs.
This partnership will result in cars that are meant to target the mid- to high-end market, according to Reuters, competing with Tesla and Nio. A source told the publication that Avatr Technology plans to begin sales early next year.
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