HOZON Auto inks agreement to get 5 billion yuan of investment

Shanghai (Gasgoo)- On April 15, HOZON New Energy Automobile Co., Ltd. ("HOZON Auto"), the parent company of NETA Auto, signed an agreement with three capital investing and operating companies, who agreed to together invest at least 5 billion yuan in the new energy vehicle maker, according to NETA Auto's press release.

The three investors are Tongxiang State Owned Capital Investment and Operation Co. Ltd., Yichun Jinhe Equity Investment Co., Ltd., and Nanning Minsheng New Energy Industry Investment Partnership.

Photo credit: NETA Auto

According to the agreement, the three investment entities will further enhance the financial strength of HOZON Auto by jointly providing it with no less than 5 billion yuan. 

They will also coordinate relevant resources to support HOZON Auto in achieving IPO as soon as possible. 

Additionally, they will continue to help the carmaker increase investment in product R&D and technological innovation, expand the intelligent connected vehicle  R&D Center, and scale up the export of HOZON's vehicles.

Earlier on March 20, at the OASES (Office for Attracting Strategic Enterprises) Partnership Signing Ceremony held in Hong Kong, NETA Auto became a key enterprise partner of the Hong Kong government. The latter would provide NETA with a subsidy of HK$200 million as well as assistance to get investment more than USD$200 million as cornerstone investor, demonstrating the government's commitment to fostering innovation and development in the smart automotive sector.