As CnEVPost has mentioned many times before, it seems that in China today, Internet giants are all coveting to build cars.

Qihoo 360, China's biggest cybersecurity company with 500 million users, has issued a letter of intent to invest in electric car brand Neta Automobile, intending to lead its Series D round of funding and become the second-largest shareholder, according to announcements by the two companies.

Neta said it plans to raise $3 billion in Series D round of funding. The investment will not take effect until the two sides sign a formal agreement, but the exact amount of 360's investment was not disclosed.

Qihoo 360 CEO Zhou Hongyi appeared at Neta's booth during last week's Shanghai auto show, sparking speculation about a possible partnership.

Yicai.com quoted Neta insiders as saying that the two sides had been in contact for two months and Zhou had brought his team to Neta's factory to research and experience Neta's products.

Neta is the automotive brand of Hozon Auto, which was founded in October 2014 with a registered capital of 626 million yuan.

In November 2018, Neta's first model was launched, and as of November 2020, Neta has a total of three mass-production models.

The brand sold 3,246 units in March, up 680% year-on-year and up 62% from February.

From January to March of this year, Neta accumulated sales of 7,443 units, up 390% year-over-year.

Neta sells 3,246 units in March, up 62 percent from February

(Neta U Pro)