EV innovator HOZON Auto to close series C financing better than expected

Shanghai (Gasgoo)- HOZON Auto, a Zhejiang-based EV startup, announced on Dec. 2 it is about to successfully close its series C financing, which has raised 2 billion yuan ($305.106 million) from the lead investor, HD Capital.

Highly recognized by multiple renowned large investment institutions, the startup's series C round will be completed with a capital raised far beyond the target of 3 billion yuan ($457.659 million), according to HOZON Auto.

Nezha V; photo credit: Nezha

The company initiated its Series C funding in July and attempts to have its shares trade on the Science and Technology Innovation Board (STAR Market) next year.

Focusing on the in-depth strategic investment in the full industrial chain related to smart electric vehicles (EVs), HD Capital has to-date managed equity investment funds worth nearly 50 billion yuan ($7.628 billion) and operated investment cases including CATL, Huading Guolian, BTR and Wiseco.

HOZON Auto currently has three mass-produced models for sale, namely the Nezha N01, the Nezha U and the Nezha V. Their cumulative sales have reached nearly 30,000 units, said the company.

Hitting the market on Nov. 3, the Nezha V targets the entry-level BEV segment and is priced from 59,900 yuan ($9,140) to 75,900 yuan ($11,580). Last month, a total of 1,067 Nezha Vs were handed over to consumers and the orders exceeded 5,000 units.

The EV manufacturer plans to launch the mass-produced version of the Eureka03, a four-door all-electric coupe unveiled at the Auto China 2020.

With 2,084 new vehicles registered, HOZON Auto was ranked fourth among Chinese startups by Oct. insurance registrations, according to the China Insurance Regulatory Commission.