Fangda Partners has assisted electric carmaker Avatr Technology in securing more than RMB11 billion (USD1.5 billion) in series C funding, in the largest such financing round by a Chinese new energy vehicle company in 2024.
Partners Jeffrey Ding and Patrick Li acted as Avatr’s counsel, designing the transaction structure, and negotiating and drafting the transaction documents.
Key investors in this round of financing include Avatr’s founding company Changan Automobile as well as the Yufu-affiliated fund, the Southern Asset-related fund, the SDIC-backed fund and CCB Investment.
The Chongqing-based carmaker was established in 2018, with Chinese auto giant Changan Automobile and the world’s largest EV battery maker Contemporary Amperex Technology as its major shareholders. This round of funding will equip Avatr with additional operational funds for researching and designing new car models, as well as facilitating brand development and overseas expansion.
