CATL and Huawei’s premium EV startup Avatr announces EU launch following sedan reveal
Young EV startup Avatr appears to be the latest Chinese automaker sharing plans to expand to new markets in Europe. Following the debut of its second-ever EV model the 12 (pronounced “one-two”), Avatr – backed by big tech names like CATL, Huawei, and Changan – will not only sell its EVs in Europe but also intends to build them there too.
Avatr Technology is an EV startup founded in 2018 that began as a Chinese joint venture between NIO and state-owned Changan Automobile before the former transferred its entire stake over to the latter in 2020.
In addition to Changan, Avatr is now also backed by the world’s largest battery manufacturer CATL, and electronics manufacturing powerhouse Huawei. the joint venture debuted its first EV model, the 11 (“one-one”) SUV in late 2021 before going on sale in China last year.
The startup has since promised to launch three additional new models over the course of the next three years, which continued this week at IAA Mobility in Munich – Europe’s largest auto show. Avatr not only debuted its second model – a fastback sedan called the 12, but also shared details about selling its EVs in Europe.
Avatr to bring EV production to EU, which models TBD
Earlier this week, Avatr pulled the sheet off the 12 sedan (seen above), which although will be built in China by three inherently Chinese companies, was designed at the company’s studio in Munich alongside its 11 SUV sibling.
According to Avatr CEO Tan Benhong, the startup may expand beyond mere design in Europe and is exploring local production to support plans to enter new markets overseas within the next two years. Benhong elaborated by saying Avatr is specifically targeting the premium market in Europe and specifically called out BMW as a competitor on its own turf in Munich.
Avatr’s chief would not discuss what vehicles might make their way over to Europe first, but with two more EVs in its development pipeline, the startup should have three if not four to choose from if and when it does actually enter new markets in the EU.
For now, the focus will remain on the new 12 sedan, which appears to have taken some design inspiration from the Tesla Model 3 – at least on the front and steering wheel controls (see image above). The fastback sits atop the same CHN platform as the 11 SUV and features HarmonyOS 4.0 from Huawei as CATL EV batteries.
Avatr has already confirmed it will be one of the first automakers to implement CATL’s new fast-charging ShenXing LFP cells, but has not confirmed they will be in the 12 sedan. CATL also recently announced plans for production in Europe for that specific battery technology, which could further support Avatr in the coming years should it seek an EU plant.
Electrek’s Take
This is a young company so we will cut them some slack, but in seeing the 12 up close, it looks like a copy of a copy of a Tesla – common design practice in China for some. We have seen other automakers start the same way and find their own design language, but right now Avatr just feels like yet another Chinese automaker expanding from one saturated EV market to try and compete on a continent filled with legacy automakers without any brand identity. That’s tough.
Having software support from Huawei and battery tech from CATL provides a deep breath of optimism for this startup however, especially if the 12 or any Avatr EVs beyond feature the ShenXing batteries and the charging speeds being touted.
I’ll keep an eye on this one, but feel Avatr will need to step up its game (and its identity) if it wants to truly compete in Europe. Next step for me will be trying to get behind the wheel of one and see if my attitude changes. Will work on it!
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The Stripe logo on a smartphone with U.S. dollar banknotes in the background.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Stripe cut 300 jobs, representing about 3.5% of its workforce, mostly in product, engineering and operations, CNBC has confirmed.
The payments company, valued at about $70 billion in the private markets, still expects to increase headcount by 10,000 by the end of the year, which would be a 17% increase, and is “not slowing down hiring,” according to a memo to staff from Chief People Office Rob McIntosh. Business Insider reported earlier on the cuts and the memo.
A Stripe spokesperson also confirmed to CNBC that a cartoon image of a duck with text that read, “US-Non-California Duck,” was accidentally attached as a PDF to emails sent to some of the employees who were laid off. Some of the emails mistakenly provided affected employees with an incorrect termination date, the spokesperson said.
McIntosh sent a follow-up email to staffers apologizing for the “notification error” and “any confusion it caused.”
“Corrected and full notifications have since been sent to all impacted Stripes,” he wrote.
In 2022, Stripe cut roughly 1,100 jobs, or 14% of its workers, downsizing alongside most of the tech industry, as soaring inflation and rising interest rates forced companies to focus on profits over growth. The Information reported that Stripe had a few dozen layoffs in its recruiting department in 2023.
Stripe’s valuation sank from a peak of $95 billion in 2021 to $50 billion in 2023, before reportedly rebounding to $70 billion last year as part of a secondary share sale. The company ranked third on last year’s CNBC Disruptor 50 list.
In October, Stripe agreed to pay $1.1 billion for crypto startup Bridge Network, whose technology is focused on making it easy for businesses to transact using digital currencies.
Brothers Patrick and John Collison, who founded Stripe in 2010, have intentionally steered clear of the public markets and have given no indication that an offering is on the near-term horizon. Total payment volume at the company surpassed $1 trillion in 2023.
WATCH: Early Bridge investor weighs in on $1.1 billion Stripe deal
Thinking about upgrading your EV? Rivian (RIVN) launched a new promo on Tuesday, offering up to $6,000 to upgrade your R1S or R1T. Here’s how you can snag some savings.
Rivian R1S and R1T upgrade deal offers up to $6,000
Rivian delivered over 51,500 vehicles last year as the EV maker gains momentum. Although it was only slightly higher than the ~50,100 delivered in 2023, Rivian is expected to see even more growth this year.
After shutting down its Normal, IL manufacturing plant last April and renegotiating supplier contracts, Rivian has seen “significant cost improvements,” according to CEO RJ Scaringe.
Rivian also began delivering its next-gen R1S and R1T models last year. The new Large and Max battery packs have redesigned modules and more efficient packaging, “making them easier to manufacture and service.” For example, Rivian’s new EVs use seven ECUs, down from 17 in the first-generation R1T and R1S.
With new plant upgrades, reworked supplier contracts, and more efficient vehicles, Rivian is now passing the savings on to customers.
Rivian introduced a new promo on Tuesday, offering up to $6,000 to upgrade your R1T or R1S. The bonus amount varies by trim:
- Tri with Max battery: $6,000 USD / CAD 8,600
- Dual with Max battery and Performance upgrade: $4,500 USD / CAD 6,500
- Dual with Max battery: $3,000 USD / CAD 4,300
The offer is for current R1T or R1S owners or lessees in the US and Canada. Rivian launched the new promo on January 21, and it runs through March 31, 2025.
After you purchase or lease a qualifying vehicle, Rivian will apply a discount toward the MSRP. You must take delivery by March 31, 2025. In the fine print, Rivian stated, “You must request a trade-in estimate to qualify for this offer, but trade-in of a vehicle is not required.”
Any other models are excluded from the offer. These include Dual Standard configurations, Dual with Large battery configurations, custom builds, demo vehicles, and pre-owned vehicles.
The new offer follows Rivian’s previous upgrade promo introduced last October, giving qualifying gas-powered vehicle owners or lessees up to $3,000.
Check out the Rivian R1 Shop to view eligible models. You can see eligible Rivian R1S here and R1T models here.
Electrek’s Take
Rivian’s R1S was already the tenth best-selling electric vehicle in the US last year, with nearly 27,000 models sold. With more driving range and power at a lower cost, the electric SUV could see even more demand in 2025.
Then again, with the arrival of new luxury electric SUVs, like the Jeep Wagoneer S and Volvo EX90, Rivian will face more competition in the US.
Rivian’s latest promo comes as the Company looks to carry the momentum from the end of 2024 into the new year. The EV maker is offering other deals, including 1.99% APR for 60 months on the R1 Dual with a Max Battery and Performance upgrade.
Even if you are not eligible for the promo, we can still help you find deals on Rivian’s electric SUV in your area. You can use our links below to view offers on the Rivian R1S and R1T near you today.
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