(Yicai) Dec. 18 -- Avatr Technology, the smart electric vehicle brand of China’s Changan Automobile, said it has banked CNY11.1 billion (USD1.5 billion) in its latest fundraiser and aims to list on the stock market in 2026.

Avatr raised nearly CNY8.5 billion (USD1.2 million) from existing shareholders and CNY2.7 billion from new investors in a Series C financing round, its Chongqing-based parent company announced yesterday.

Changan Auto invested CNY4.6 billion, keeping its stake unchanged at 41 percent. Existing shareholders Chongqing Anyu Private Equity Investment Fund Partnership, Bank of Communications Financial Assets Investment, and South Industry Asset Management contributed CNY2.8 billion, CNY700 million (USD96.1 million), and CNY400 million, respectively.

Avatr will use the funds to speed up the research and development of new EV models and hasten its brand building as well as finance the carmaker’s overseas expansion, Changan Auto said.

Avatr has also begun preparing for an initial public offering, targeting 2026 for a listing, Changan Auto noted.

Founded in 2018 as a joint venture with EV battery giant Contemporary Amperex Technology, Avatr is partnered with telecoms gear giant Huawei Technologies to co-develop high-end smart EVs. The latest fundraiser reduces CATL’s stake to 9.2 percent from 14.1 percent.

On Sept. 26, Avatr launched the Avatr 07, its third model and first available in both pure electric and hybrid versions. Driven by the new model, Avatr’s sales over the past two months have exceeded 10,000 vehicles each month, with November’s sales surging 180 percent from a year earlier to set a monthly record of 11,579.

Avatr is not yet profitable. It had a net loss of CNY3.7 billion last year and CNY2.1 billion in the first eight months of this year on revenues of CNY5.6 billion and CNY7.4 billion, respectively. Avatr President Chen Zhuo has said Changan Auto hopes the unit can break even in the third or fourth quarter of next year.

Editors: Dou Shicong, Futura Costaglione