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HOZON Auto founds wholly-owned NEV manufacturing subsidiary

Nika From Gasgoo| May 20 , 2021

Shanghai (Gasgoo)- HOZON Auto, the Chinese EV startup owning EV brand Nezha, recently set up a subsidiary engaging in production of new energy vehicles and auto parts.

According to the business information provider Tianyancha, the new company, named Nezha New Energy Vehicle Manufacturing Co.,Ltd., was founded on May 18. It involves a registered capital of 1 billion yuan ($155.258 million) and is wholly controlled by HOZON Auto.

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Nezha V; photo credit: HOZON Auto

The new subsidiary has licensed business items including the production of on-road motor vehicles, the import & export of technologies and goods. Its general business items cover the R&D and manufacturing of auto parts, the industrial engineering service, and the software development.

The startup said on April 26 it had initiated its Series D financing, which was intended to raise roughly 3 billion yuan ($465.773 million) and was strategically led by Qihoo 360, the largest provider of Internet and mobile security products in China. Upon completion of the funding, 360 would become the second largest shareholder of HOZON Auto, said Zhou Hongyi, Chairman and CEO of Qihoo 360.

Aside from the investment, 360 will also support HOZON Auto in technologies, according to Zhou Hongyi. For instance, it will continue invest in or acquire some business units dedicated to autonomous driving and smart cockpit, and combine them with HOZON Auto’s R&D forces to help the latter improve its intelligence and connectivity technologies.

HOZON Auto said last week its cumulative vehicle outputs reach 40,000 units on May 10 at the car manufacturing plant in Tongxiang, Zhejiang province.

The startup saw its first production vehicle roll off the assembly line at the Tongxiang plant in July 2018. The automaker is intensifying efforts to construct the car plant in Yichun, Jiangxi province, which is set to start production at the end of this year. By that moment, HOZON Auto will feature a total capacity of 150,000 vehicles per year.

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