Asian Tech Press (Oct 27) -- Chongqing state-owned capital, EV battery maker CATL and others intend to invest in Changan-Nio electric vehicle joint venture Avatar Technology, according to Chinese media reports.

Media learned from informed sources that the intended investors to participate in the capital increase project of Changan-Nio joint venture, a holding subsidiary of Changan Automobile, include Chongqing state-owned capital and CATL.

Changan Automobile has said that there are already a number of potential investors, and the final results will be announced to the public if available.

The person in charge of Avatar told media outlets on Wednesday that the financing is still in progress, and there will be an official announcement when it is finalized in the near future.