Shanghai (ZXZC)- HOZON Auto, a Chinese EV startup possessing the NEV brand Nezha, was granted a credit line worth 5 billion yuan ($772.678 million) by China CITIC Bank on March 1, the company said via its WeChat account. The capital will be poured into the R&D of the technologies related to the likes of intelligent cockpit and smart driving.

Nezha V; photo credit: Nezha

The credit line is part of the strategic cooperation agreement signed by HOZON Auto and CITIC Group Coordination Committee Shanghai Branch. Under the agreement, the startup will carry out all-round collaboration with the Shanghai branches of China CITIC Bank, CITIC Securities and CITIC-Prudential Life Insurance.

The EV manufacturer said it has to-date obtained credit line worth over 10 billion yuan ($1.545 billion) by forming partnership with China CITIC Bank and other banks.

HOZON Auto claimed on Dec. 2, 2020 it had raised 2 billion yuan ($309.071 million) in a new funding from HD Capital as part of its series C financing. The company also noted the total size of its series C round was expected to “far exceed” its initial target of 3 billion yuan ($463.607 million).

Founded in 2014, HOZON Auto currently has three EV models for sale, including the Nezha N01, the Nezha U and the Nezha V. In February 2021, the company saw its sales rocket 1,863% year on year to 2,002 units, which resulting in a cumulative sales volume of 30,500 units.

With regard to new products, the company is about to launch the Nezha U's refreshed model, the Nezha U Pro, which boasts a range of up to 610km.