HOZON Auto closes D3 funding round

Shanghai (Gasgoo)- HOZON Auto announced on July 21 it had closed its D3 funding round, which raised for the automaker over 3 billion yuan ($443.787 million).

The fresh financing round attracted a host of investment entities, including Dayone Capital, Shenzhen Capital Group, Qianhai FOF, Hongtai Aplus, Insight Capital, and Dianshi Zichan. Of them, Dayone Capital announced earlier this week it poured hundreds of millions of yuan into HOZON Auto’s D3 round.

NETA U Pro; photo credit: NETA

The new energy vehicle (“NEV”) maker said the proceeds raised from the D3 round would be used for product R&D, technology innovation, production capacity expansion, and replenishment of operational capital.

HOZON Auto noted the capital it raised in the entire Series D round amounted to nearly 10 billion yuan ($1.479 billion). After completion of the D round, it will expedite its joint-stock reform.

The company's D1 and D2 rounds draw the capital support from the Chinese cybersecurity giant 360 Security Technology and the power battery titan CATL, respectively.

HOZON Auto delivered a total of 63,131 vehicles in the first half of 2022, representing a 199% spike compared to the year-ago period and ranking 2nd among Chinese NEV startups. Up until now, the company's vehicle output and sales have both exceeded 160,000 units.

The automaker is about to kick off the presale of the NETA S' full lineup. The B+ segment sedan is expected for delivery in the fourth quarter of this year.