Huawei- EV company Avatr announced that it is seeking funding, according to an announcement on Chongqing Assets and Equity Exchange. Avatr plans to bring in a total amount of up to RMB 4 billion ($560 million) with existing shareholders’ participation, reducing the combined shareholding of Changan Auto and Nanfang Industrial Assets to less than 50%. The founding round will be between June 9 and August 4, 2023. Avatr seeks funds for “research and development in design, investment in the production line, market branding development, channel construction and the fulfillment of working capital requirements.” [36kr, in Chinese]