On April 28, Avita Technologies announced that its new valuation has grown to 6.26 billion yuan. Compared with the valuation of 788.2 million yuan disclosed by the initial public listing on November 5, 2021 (based on the income method, the valuation base date is December 31, 2020), Avita Technology's valuation has increased by nearly 7 times in more than a year.
As a high-end intelligent electric vehicle brand jointly established by Changan Automobile and NINGDE Times and Huawei, Avita Technology has attracted much attention in the industry since the global release of the brand in November last year. With the support of the "three giants" such as Changan Automobile, Avita 11, the first emotional intelligent electric vehicle under Avita Technology, has completed a series of tests such as extreme cold and durability in half a year, appeared in the directory list of the Ministry of Industry and Information Technology, entered the third round of trial production, and tested more than 100 vehicles off the production line.
With the rapid landing of Avita Technology's automotive products, another fierce player will be added to the domestic intelligent electric vehicle field.
In a year and a half, up 7 times
The development of the intelligent electric vehicle industry at home and abroad has caused many capital carnivals in recent years. Before 2021, Tesla, "Wei Xiaoli" and other new car-making forces are favored by capital, and their stock price performance after listing has remained high for a long time. However, with the decline in the valuation of STAR companies such as "Wei Xiaoli" after 2021, and the listing process of manufacturers such as WM Motors, the investment in the domestic smart electric vehicle field has gradually become conservative.
From the perspective of the capital market, after experiencing a two-year surge in market value from 2020 to 2021, the entire market is gradually returning. The launch of the Avita Technology brand coincides with this capital cooling-off period. However, this has not had a serious impact on the financing and valuation growth of Avita Technology.
Avita Technology was founded in 2018, initially for the "Changan Weilai" project cooperated by Changan and NIO, and later Changan Automobile increased its capital to incorporate it into its holding subsidiary.
In November 2021, Avita Technologies released the Avita high-end smart electric vehicle brand. Later, on March 11 this year, Avita Technology completed the first round of financing of 2.42 billion yuan, officially changing from a holding subsidiary of Changan Automobile to an associated company. This change makes Avita Technology more independent and conducive to accelerating its highly market-oriented operation process.
As one of the few intelligent electric vehicle brands in the industry launched by three leading enterprises in the industry ( Changan Automobile ) + power battery supplier (Ningde era) + software system solution supplier (Huawei), Avita Technology has received considerable attention from capital.
After the first round of financing, based on the income method and the assessment of Avita's future sales and revenue expectations, its valuation has grown to 6.26 billion yuan, reaching a growth of nearly 7 times. Not only that, Avita Technology has also begun to promote the A round of financing.
"The significant increase in valuation proves the confidence of the capital market in our long-term development, and also reflects the recognition of the pioneering CHN (Long Press Automobile + Huawei + Ningde Era) cooperation model." Avita Technology Chairman and CEO Tan Benhong said.
Stand on the shoulders of the Big Three
At a time when the capital market has entered a cooling-off period, Avita's valuation has grown rapidly, and its innovative CHN model has contributed to it. Unlike Tesla and "Wei Xiaoli" from scratch, the Avita brand has gathered the unique advantages of Changan Automobile, Huawei and CATL in the field of vehicle research and development, intelligent vehicle solutions and smart energy ecology since its inception, and created the world's leading intelligent electric vehicle technology platform - CHN.
On top of this platform, Changan Automobile can provide reliable manufacturing and production processes, Huawei provides industry-leading software systems, and CATL provides excellent power battery solutions.
Different from the traditional cooperation methods of Huawei, CATL and other car companies, CATL, as the second largest shareholder of Avita, can provide more reliable resources for Avita; and Huawei, although it adheres to the cooperation method of not investing in shares, it also provides Avita with a full set of intelligent systems such as "Huawei Inside" and Hongmeng Intelligent Cockpit. This greatly increases Avita's potential.
For Avita, Dr. Zeng Yuqun, Chairman of CATL, once said: "As the world's leading new energy innovation technology company and the second largest shareholder of Avita Technology, CATL has full confidence in the long-term development of Avita Technology, and will also provide leading technology and resource support for Avita Technology's intelligent electric vehicles. ”
Huawei has also poured a lot of resources into Avita. According to Xu Zhijun, Huawei's rotating chairman, Huawei has invested nearly a thousand engineers to provide full-stack intelligent vehicle solutions for Avita models through the Huawei Inside model, and jointly developed a new model 'Avita 11' with the Avita team.
Avita speed
The innovative CHN model has greatly accelerated the R&D process of Avita: less than half a year since the global release of the brand in November last year, Avita Vita 11, the first intelligent electric vehicle under Avita Technology, has completed a series of extremely cold, durable and other series of tests, appeared in the directory list of the Ministry of Industry and Information Technology, entered the third round of trial production, and tested more than 100 vehicles off the production line.
It is understood that Avita 11 is equipped with a supersensitive system and a supercomputing platform, including 3 lidars, 6 millimeter wave radars, 12 ultrasonic radars, 13 cameras, with 400TOPS computing power, which can realize high-end intelligent driving under complex urban road conditions, and high-speed and urban point-to-point intelligent driving assistance.
In addition, in terms of the battery system of another core of electric vehicles, Avita 11 is equipped with a new generation of CTP ternary lithium battery pack in the Ningde era, which brings ultra-high battery density and can further achieve efficient energy replenishment. The latest technologies such as CTC, which will be put into production in the Cataline Era, will also be installed in Avita's future models.
Changan Automobile said on the investor interactive platform on April 23 that Avita is the first high-end SEV brand equipped with Huawei's HI full-stack intelligent car solution, and the first model Avita 11 will appear on the body of the HI logo. Avita Technologies' first model, the Avita 11, was unveiled on November 15, 2021 and will be officially launched this year as scheduled.
Before the official launch of Avita 11, Avita 11's co-branded limited edition model 011 will be officially released in the second quarter of this year and open for pre-order. The model is based on the Avita 11 and was designed and built in collaboration with Givenchy Creative Director Matthew M. Williams.
Avita's speed doesn't stop there. It is understood that Avita Technology is currently working with Huawei to promote the preparation of entering Huawei's city stores, and plans to open its first store in the second quarter. Avita Technologies plans to expand its sales network to 100 cities this year, achieve large-scale mass production and batch delivery within the year, and steadily advance towards the medium- and long-term strategy of four years and four vehicles.
This means that Avita's first model will meet consumers in about a year of the brand's establishment.