Shanghai (ZXZC)- Chinese Internet security giant 360 Security Technology Inc. (called “360 Security” for short) on Oct. 25 announced the latest progress in its investment in the Chinese new electric vehicle (NEV) startup HOZON Auto, which owns the EV brand NETA.

On Oct. 19, 360 stated that it intended to plow 2.9 billion yuan ($454.39 million) in HOZON Auto with its own funds to become the latter's second largest shareholder.

Photo credit: 360

Currently, the Internet safety products provider has fulfilled the procedures required by relevant governmental departments and completed the signing of related agreements for the investment, according to 360 Security's newest announcement.

Through the strategic investment, 360 Security will provide HOZON Auto with its experience and expertise in the security of Internet, intelligent hardware, and Internet of Vehicles. Besides, both parties will further research the issue about intelligent-connected vehicle (ICV) safety to supply automakers and other partners along the industrial chain with better ICV-related security services.

HOZON Auto has three mass-produced models for sale, namely, the NETA N01, the NETA U, and the NETA V. Like most NEV startups in China, the company has not been profitable yet since its foundation in 2014. For the first half of 2021, HOZON Auto recorded about 1.632 billion yuan ($255.685 million) in revenues, which were more than the full-year revenues of 2020 (1.297 billion yuan), while still faced a net loss of 692.545 million yuan ($108.512 million), according to the financial results unveiled by 360 Security.