HOZON Auto Closes D3 Funding Round With Over 3 Billion Yuan Raised

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

The new funding round attracted a host of investment entities, including Dayone Capital, Shenzhen Capital Group, Qianhai FOF, Hongtai Aplus, Insight Capital and Dianshi Zichan. Among them, Dayone Capital announced earlier this week that it has invested hundreds of millions of yuan in HOZON Auto’s D3 round.

NETA U Pro; photo credit: NETA

The New Energy Vehicle (“NEV”) maker said proceeds from the D3 cycle would be used for product R&D, technology innovation, production capacity expansion and operational capital replenishment.

HOZON Auto noted that the capital it raised during the entire Series D was nearly 10 billion yuan (1.479 billion). After the completion of round D, it will accelerate its equity reform.

The company’s D1 and D2 towers draw capital backing from Chinese cybersecurity giant 360 Security Technology and electric battery titan CATL, respectively.

HOZON Auto delivered a total of 63,131 vehicles in the first half of 2022, which is a 199% spike from the year-ago period and ranks 2nd among Chinese NEV startups. So far, the company’s vehicle production and sales have both exceeded 160,000 units.

The automaker is about to launch the pre-sale of the full NETA S range. The B+ segment sedan is expected to be delivered in the fourth quarter of this year.

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