Chinese EV startup Hozon Auto secures US$ 306M in Series C round

Chinese electric vehicle (EV) startup Hozon Auto has raised US$ 306M in a Series C funding round held in November 2020, from Huading Capital.

According to a statement, it expects to close its ongoing Series C round at more than US$ 459M.

Founded in 2014 by Beijing Sinohytec and Yangtze Delta Region Institute of Tsinghua University, Zhejiang, Hozon Auto is a Chinese electric car marque, manufactured by the Zhejiang Hezhong New Energy Automobile Company. The Jiaxing-based startup currently has three models of EV vehicles, including Neta N01, Neta U, and Neta V, and claims to have sold 30,000 cars overall. It integrates hardware products and software services through innovative technology research and development, smart manufacturing and multi-channel sales services. With a combination of electricity, intelligence and connectivity, it is dedicated to creating cost-effective, intelligent electric vehicles of high quality, providing customers with a simple, intuitive and comfortable travel experience.

In July 2020, the EV startup announced its plan to go public next year (2021) in the Star Market, the Shanghai Stock Exchange’s Nasdaq-like equities market formally known as the Shanghai Stock Exchange Science and Technology Innovation Board.

Hozon contends with US-listed EV giant Nio in China. Two other Chinese EV companies, Xpeng and Li Auto also went public in the US this year and raised US$ 1.5 Billion and US$ 1.1 Billion, respectively.

Previously, Hozon Auto secured over 1.2 billion yuan in a Series A funding round held in 2017 from Zhihe Chuxing Technology and 3 billion yuan in a Series B funding round held in 2019, with government and industrial funds leading the round.

About Huading Capital

Huading Capital is an EV-focused venture capital firm that has almost 50 billion yuan in assets under management. It has been established by a professional team and a joint endeavor of central enterprises. It is registered with the China Fund Industry Association. At present, its total fund mainly includes Hua Ding New Dynamic Equity Investment Fund with a scale of 20.6 Billion yuan, which primarily invests in the new energy industry, and a scale of RMB 4 billion focusing on domestic and overseas industrial mergers and acquisitions. Huading New Dimensional Equity Investment Fund and the Hua Ding New Cornerstone Equity Investment Fund, which focuses on investment in the new materials industry, is launching a series of RMB including smart manufacturing, medical health and cultural tourism. 

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