Shanghai (ZXZC)- Chinese EV startup HOZON Auto, who owns the EV brand Nezha, announced on April 26 the beginning of its Series D financing, which is intended to raise roughly 3 billion yuan ($462.57 million) and is strategically led by Chinese Internet security company 360.

Upon completion of the Series D funding, 360 is expected to become the second largest shareholder of HOZON Auto, said the EV manufacturer.

After being reached for comment, 360 said the investment in HOZON Auto only represents an intention of deploying NEV business, and the letter of intent signed by two companies is not legally binding.

Nezha V; photo credit: HOZON Auto

Founded in 2014, HOZON Auto has so far rolled out three mass-produced models, namely the Nezha N01, the Nezha U and the Nezha V. Of those, the Nezha V and the Nezha U Pro are currently available for sale. In the first quarter of 2021, the startup sold 7,443 new vehicles, representing a remarkable year-on-year growth of 390%.

In December 2020, HOZON Auto completed its Series C round with 2 billion yuan ($308.38 million) raised. The startup plans to go public at the science and technology innovation board this year.

HOZON Auto was granted a credit line worth 5 billion yuan ($770.951 million) by China CITIC Bank on March 1. The capital would be poured into the R&D of the technologies related to the likes of intelligent cockpit and smart driving.

The EV maker will strive to hit the annual sales target of 40,000-50,000 units for 2021, Zhang Yong, co-founder and CEO of HOZON Auto, revealed at a press conference in February.

360 is the largest provider of Internet and mobile security products in China. Founded in 2005, it has launched such products as 360 Total Security, 360 Mobile Security, 360 Security browsers and other national security products, as well as 360 enterprise security browsers for government and enterprise users. In the automobile field, the company has rolled out many hardware-related products like even data recorder and streaming media rearview mirror.