Zhejiang-based EV maker Hozon Auto has launched a Series C financing and plans to kick off trading on the Sci-Tech Innovation Board in 2021, reported 36Kr.
Hozon Auto was established in October 2014 with a registered capital of 1.393 billion yuan. The company’s main businesses include design and development, production, sales, and related consulting services of new energy vehicles and parts, computer software development, industrial design of new energy vehicles, and import and export of goods and technology, according to Qcc.com, a Chinese enterprise information query tool. According to the data from another query tool TianYanCha, Hozon Auto had 4 rounds of financing, with a total of over 6.25 billion yuan in public financing.
Recently, Chinese domestic EV-making giants consecutively released IPO-related news. Pandaily reported earlier that Li Auto Inc, backed by food delivery giant Meituan Dianping, aims to list its shares on the Nasdaq Global Market on July 31 under the symbol “LI”, and Xpeng Motors announced yesterday its completion of a C+ round of financing of nearly $500 million with investors like Coatue and Aspex.
According to CPCA, the cumulative domestic sales of new energy vehicles (Coupe, MPV, SUV) fell 44.0% year-on-year to 313,000. The total sales of the top ten domestic EV makers in the first half of this year were 45,795, accounting for 14.1% of the country’s total sales of new energy vehicles. Among them, the sales volume of Li Auto ranked second among new EV-making forces with its sales volume in the first half-year of 2020 close to 10,000. Hozon Auto ranked fourth and Xpeng ranked fifth on the list with their semi-year sales volume reaching 5,002 and 4,202, respectively.
36Kr reported that unlike Li Auto and Xpeng, Hozon Auto currently targets the new energy vehicle market with a value of less than 200,000 yuan. The company disclosed to 36Kr that their target customers are well-off and urban new immigrants in Tier I and Tier II cities and small-town youth between 25 and 40 in Tier III and Tier-IV cities.