Hozon plans to use Hong Kong IPO as launching pad to fund export of its Neta electric cars

Fang Yunzhou, founder and chairman of the Shanghai-based carmaker, told the Post on Tuesday that Hozon will not resort to price cuts that have gripped the mainland as it moves up the value chain with the launch of more intelligent vehicles.

“As we sell vehicles to global customers, we are also constantly fine-tuning our service network,” he said. “Neta does not rely on pricing advantages to spur deliveries. Instead, we look to grow bigger and stronger by localising our best technologies, products and services in markets worldwide.”

He added that the expansion of the company’s sales network outside mainland China will follow after the IPO.

Hozon filed its listing application last month as the EV start-up joins the fray against local rivals from BYD, the world’s largest EV builder, to Stellantis-backed start-up Leapmotor, amid cutthroat competition on the mainland and trade barriers set by the US and the European Union.

“We will consolidate our foothold in Southeast Asia, try to grab market share in South America and develop businesses in the Middle East and Africa,” Fang said. “Hozon will work with local authorities and partners to create ecosystems encompassing R&D, manufacturing, sales and after-sales service around the globe.”