HOZON Auto, China Merchants Bank form strategic partnership

Shanghai (Gasgoo)- HOZON Auto, the Chinese startup owning the NEV brand NETA, last Saturday announced it had signed an agreement with China Merchants Bank's Shanghai branch as both parties will conduct strategic cooperation on such businesses as comprehensive credit line, cash management of domestic and foreign currencies, and automobile consumption finance.

Moreover, the duo will also team up on investment bank-related business, international business, and personal banking services.

The company did not disclose the concrete amount of the credit line it will be granted by the new bank partner.

Photo credit: HOZON Auto

Notably, HOZON Auto formed a partnership with another bank in the same month. According to the startup's press release issued in mid-August, HOZON Auto struck a deal with Huaxia Bank's Shanghai branch to conduct all-around strategic cooperation in such fields as conventional financing, supply chain finance, investment bank business, cross-border business, bond investment, digital finance business, and automobile consumption finance.

Through the partnership, Huaxia Bank's Shanghai branch will grant HOZON Auto a credit line of 6 billion yuan ($868.961 million) to support the automaker in business operation, production, and construction of sales and service systems.

HOZON Auto saw its monthly deliveries hit another record high of 14,037 units in July 2022, skyrocketing 133.5% year on year, while also rising 6.7% month on month. Notably, it was the champion among Chinese NEV startups, which are represented by XPeng, Li Auto, NIO, and Leapmotor, by the delivery volume of the month.