HOZON Auto announces price rise due to raw materials price growth, supply crunch

Shanghai (Gasgoo)- HOZON Auto, the Chinese startup owning the EV brand NETA, announced on March 18 it has lifted prices of several models by 3,000 yuan ($470) to 5,000 yuan ($790) due to multiple factors like the increase in prices of raw materials and supply constraints.

To be specific, the price of the NETA V and NETA V Pro's entire lineups, and the NETA U Pro 400 Changxing was up 3,000 yuan ($470), while the NETA U Pro 400 Xunhang, the NETA U Pro 500 Huanqiu, the NETA U Pro 500 Dengyue, and the NETA U Pro 610 Tanhuo all logged a price rise of 5,000 yuan ($790).

The startup said consumers who paid the deposit via NETA's official App and website before 0 o'clock a.m. on March 18 would not be affected by this price adjustment.

The move made HOZON Auto join the lineup of automakers who recently launched price rise because of raw materials price hike, including Tesla, BYD, XPeng, and Chery Auto.

It was the second price change HOZON Auto announced so far this year. In early January, the startup bumped up the guiding prices of the NETA U and NETA V's several models by 2,000 yuan ($315) to 5,000 yuan ($790). The former price increase came after China's authorities decreased subsidies on NEVs.

For the first two months of 2022, HOZON Auto scored a year-on-year surge of 332% by delivering 18,126 vehicles. Notably, its monthly deliveries in February soared 255% to 7,117 units, only following Li Auto among Chinese NEV startups.