Shanghai (ZXZC)- NETA Auto, the Chinese new energy vehicle (NEV) maker under HOZON Auto, today announced the completion of its crossover round, which raised for the company a total of 7 billion yuan. However, the company did not disclose further details of the transaction.

Industry insiders point out that crossover financing is pre-IPO funding for companies to stabilize stock prices after listing.

Founded in 2014 by Fang Yunzhou, former deputy director of the Center for Energy Conservation and New Energy Vehicles of Tsinghua University, HOZON Auto obtains the dual qualifications issued by China's National Development and Reform Commission and Ministry of Industry and Information Technology for NEV manufacturing in 2017. In 2018, NETA was officially launched as a standalone brand, and its first production model, the NETA N01, was introduced at the end of the same year.

According to data from the corporate database Qichacha, NETA Auto has closed multiple rounds of financing from September 2017 to July 2022, accumulating at least 15 billion yuan. Its investors include the power battery titan CATL, Shenzhen Capital Group, the cybersecurity giant 360, HD Capital, Zenity Mobility, and others.

As one of China's leading NEV startups, NETA Auto currently has several models for sale, including the NETA GT, the NETA S, the NETA U-II and the NETA AYA. In 2022, its annual deliveries reached 152,073 units, ranking first among Chinese NEV startups. In the first 7 months of 2023, it delivered 72,456 vehicles, down 6.11% year-on-year.

Notably, in addition to NETA Auto, the other four major Chinese NEV startups— NIO, XPeng, Li Auto, and Leapmotor- have already been publicly listed.

In a tech-infused showcase on August 21, NETA Auto unveiled its visionary "Haozhi Strategy 2025," spotlighting a technology platform labeled "Haozhi Technology Brand 2.0."

This event also marked the debut of five innovative technologies: the Haozhi Supercomputing, the Haozhi Skateboard Chassis, the Haozhi Electric Drive, the Haozhi Range Extender, and the Haozhi Thermal Control.