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Daniel Ren

Hozon New Energy Automobile, the Chinese start-up behind the Neta brand of electric vehicles (EVs), has launched a wagon-style vehicle with an extended-range edition that can go as far as 1,200km.
The Shanghai-based company, which is planning a Hong Kong initial public offering (IPO), announced on Sunday evening that the new car, the Neta S, would start at 159,900 yuan (US$22,447), with delivery to begin in September.
The car aims to take on the Zeekr 001 from Geely’s premium EV unit Zeekr, which is priced at 259,000 yuan in the basic version.
“We feel it safe to say that the new model is worth owning because it will offer customers the best performance and experience,” Hozon CEO Zhang Yong said during a briefing on Sunday. “We are using our latest materials and technologies to reward our clients.”
A wagon, also known as a station wagon, an estate car or a shooting brake, is a sedan-height car with an elongated boot and rear seats.
The Neta S extended-range variant sports a price tag of 169,900 yuan to 179,900 yuan. Like other extended-range EVs on the market, it has a small internal-combustion engine that generates additional power to charge the battery when needed.
Neta is a variation of the name Nezha, a protection deity in Chinese mythology. The brand falls in the budget category in China and is aimed at middle and low-income drivers who prefer battery-powered vehicles to petrol-based cars.
Hozon, founded in 2014, has raised 26.4 billion yuan in venture capital funding over 11 rounds from 19 investors, according to data compiled by Crunchbase. Its backers include the Chinese cybersecurity firm Qihoo 360 Technology and Citic Securities, mainland China’s largest brokerage.


The company handed 11,015 vehicles to customers in July, up 9.7 per cent year on year. During the first seven months of 2024, it delivered 64,785 units, down 10.6 per cent year on year.
In June, Hozon filed a listing application with the Hong Kong stock exchange and said it would use the proceeds from its IPO to quicken the pace of its overseas expansion amid cutthroat domestic competition.
Fang Yunzhou, founder and chairman of the Shanghai-based carmaker, vowed in an interview last month that Hozon would not resort to the price cuts that have gripped the mainland EV market, preferring instead to move up the value chain with the launch of more intelligent vehicles.
He did not disclose the targeted IPO size, but Bloomberg reported it could be around US$1 billion, which would make it one of Hong Kong’s top five listings this year.
“Hozon is chasing growth both at home and abroad,” said Phate Zhang, founder of Shanghai-based electric-car data provider CnEVPost. “Price competition in China has already largely squeezed EV makers’ profit margins.”


Hozon has already started assembling vehicles in Thailand. The company delivered 3,752 EVs to Thai customers between January and May, trailing only BYD which delivered 7,315 units in the same period, according to Yiche, an online dealer of new and used cars.
On the mainland, the company is competing against a clutch of domestic rivals including BYD, the world’s largest electric-car maker, and Stellantis-backed start-up Leapmotor.


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The Neta S, targeting rivals like Zeekr’s 001, starts at US$22,450 and comes in extended-range variants with a range of 1,200km


The Neta S, targeting rivals like Zeekr’s 001, starts at US$22,450 and comes in extended-range variants with a range of 1,200km.
