Avatr Technology (Chongqing) Co, a subsidiary of China Changan Automobile Group Co, declared on Nov 5 that it has finished its first round of financing at 2.42 billion yuan ($378 million), which was contributed by the Liangjiang Fund Association, CATL Fund Association and SIAMC Management Fund Association.

Liangjiang has invested a total of 670 million yuan in the business and holds 20.88 percent of the company's shares.

Avatr Tech launched its first product E11, which debuted during the Smart China Expo 2021 and drew widespread attention. Avatr is a brand-new high-end intelligent electric vehicle brand created by Changan Auto and an electric intelligent-connected vehicle platform launched by Changan Auto, Huawei and CATL.

Prioritizing its pillar industry – automobile researching and manufacturing – Liangjiang has accelerated its promotion of high-end, smart and green auto products, and has improved their features and competence.

There are currently 10 complete automobile makers and over 200 core auto parts suppliers in the new area, which boast full-fledged industrial and supply chains.

The automobile output value during the first three quarters this year in Liangjiang topped 146.9 billion yuan, up by 24.9 percent year-on-year.

The Liangjiang strategic fund has attracted much attention and investment into the new area's strategic emerging industries. The fund has cumulatively invested 11 billion yuan into nine new energy vehicle and intelligent connected vehicle projects, guiding its auto industry toward the middle and higher reaches of the value chain.