Hozon Auto - Misplaced Pages

(Redirected from NETA (marqe)) Chinese electric vehicle manufacturer Not to be confused with Human Horizons.

Hozon Auto New Energy Automobile Co., Ltd.
Chinese name
[REDACTED]
Company type	Public
Industry	Automotive
Founded	October 2014; 10 years ago (2014-10)
Founder	Zhang Yong
Headquarters	Shanghai, China
Area served	China Thailand Malaysia Indonesia Mexico Brazil Laos Uzbekistan
Production output	127,496 (2023)
Brands	Neta Auto
Revenue	RMB 13.554 billion (2023)
Operating income	-6.867 billion RMB (2023)
Net income	-6.758 billion RMB (2023)
Total assets	RMB 21.366 billion (2023)
Owner	Nanning Minsheng New Energy Industry Investment Partnership (Limited Partnership) (11.20%) Beijing Huading New Power Equity Investment Fund (Limited Partnership) (9.82%) Yichun Jinhe Equity Investment Co., Ltd. (7.96%) Chengdu Hongjing Technology Co., Ltd. (6.30%)
Number of employees	9,000
Subsidiaries	Neta Auto (Thailand) Neta Auto Malaysia Neta Auto Indonesia Neta Auto Brazil


Simplified Chinese	合众新能源汽车股份有限公司

Hanyu Pinyin	Hézhòng Xīn Néngyuán Qìchē Gǔfèn Yǒuxiàn Gōngsī



Website	www.hozonauto.com www.netaauto.co (global)

Hozon Auto (Chinese: 合众汽车; pinyin: Hézhòng Qìchē) is a Chinese electric car manufacturer which was established in 2014. It produces vehicles under the Neta (Chinese: 哪吒; pinyin: Nézhā) brand and the main competitors are NIO, Xpeng and Li Auto which also have the Internet color.

History

Hozon Auto was founded in 2014 in the Zhejiang province, co-founded by Beijing Sinohytec and Zhejiang Yangtze Delta Region Institute of Tsinghua University and is based in Jiaxing. It opened an Autonomous Vehicle Research Centre in California's Silicon Valley in 2018, and a Beijing-based Design Centre opened in March 2019. Its current headquarters are located in Putuo District, Shanghai, which was opened in 2023.

The company announced its first concept car in 2017. The first production model Neta N01 compact SUV was launched in 2018 built on its HPA platform along with the launch of the Neta brand, with orders for the mid-sized Neta U SUV based on the HPC platform being taken in 2019. The company has plans for further models based on the two platforms.

In terms of the number of vehicles delivered and sold in 2021, the company was ranked fourth in the Chinese EV market after XPeng, Li Auto, and NIO. Compared to its competitors, it focuses on the low-priced market.

The company's deliveries from January to November 2022 are expected to reach 144,278 units, making it the first emerging EV manufacturer to achieve annual sales of more than 150,000 units. The total number of vehicles delivered since the brand was established is 240,255. While it took 42 months to reach 100,000 units, it took only eight months to go from 100,000 to 200,000 units.

In March 2024, in order to alleviate the financial pressure of Hozon and facilitate its expansion in overseas markets, the government of Hong Kong announced to provide a subsidy of up to HK$ 200 million (25.6 million USD). The Hong Kong government also promise to assist its cornerstone round of IPO and rise 200 million USD. In return, Hozon will establish a manufacturing plant in Hong Kong.

In April 2024, three investment companies founded by the governments of Yichun, Tongxiang and Nanning, announced that they will jointly inject 5 billion RMB (691 million USD) into Hozon to alleviate financial pressures and for a future IPO.

Overseas markets

In March 2023, Hozon Auto announced the construction of its first overseas production facility in Bangkok, Thailand. The facility is scheduled to operate at the end of January 2024 and will target at manufacturing and exporting right-hand drive electric cars to ASEAN countries. In November 2023, Neta Auto (Thailand) Co., Ltd. with its partner, Bangchan General Assembly Co., Ltd. (BGAC), started assembling right-hand drive electric cars in Thailand, with its first model the Neta V-II. At this point, over 12,000 units of the imported Neta V have been delivered within Thailand.

In August 2023, Hozon Auto through its subsidiary PT Neta Auto Indonesia introduced the Neta V in Indonesia, with deliveries commenced in November 2023. In April 2024, Neta Auto Indonesia started assembling vehicles at the PT Handal Motor Indonesia plant, with the facelifted V-II.

In 2024, Hozon Auto started an operation in Brazil and announced a local factory for 2025. The Brazilian factory will supply all of South America continent.

Hozon Auto Expands into Africa in 2024, With Kenya launch.

Products

Hozon Auto currently has a single brand called Neta.

Current models

Neta S (2021–present), midsize sedan/estate wagon, BEV/REEV
Neta GT (2023–present), midsize sports car, BEV
Neta L (2024–present), midsize SUV, BEV/REEV
Neta U/X (2019–present), compact SUV, BEV
Neta V/Aya (2020–present), subcompact SUV, BEV

Neta X
Neta L
Neta S
Neta GT
Neta V

Discontinued models

Neta N01 (2018–2020), subcompact SUV, BEV

Neta N01

Concepts

Neta Eureka 01 Concept
Neta Eureka 02 Concept
Neta Eureka 03 Concept
Neta U Concept

Sales

Neta sales data
Year	Sales
2018	1,206
2019	11,212
2020	15,509
2021	69,674
2022	152,073
2023	127,496
2024	87,684

Related disputes

Auto insurance disputes

In 2024, several etaowners said that the insurance premiums for etarisen sharply, and they were even rejected by several auto insurance companies. Some auto insurance companies responded that most Hozon car buyers use them as online ride-hailing vehicles, and the high rate of accidents caused by online ride-hailing vehicles has greatly increased the cost of auto insurance companies. Industry experts pointed out that Hozon Auto cannot communicate or reach an agreement with the insurance company on premium issues, it will affect Hozon Auto's sales volume.

Business Dilemma

In February 2024, several Hozon Auto employees broke the news on workplace social media, CEO Zhang Yong’s previous promise to pay year-end bonuses in the first week of work was not fulfilled, and he was even told that the payment would be delayed by one month. Zhang Yong later responded that the annual performance payment coefficient and amount are being confirmed, emphasizing that employees' wages, social security and bonuses have never been delayed since 2016. He also said that "a small number of employees in the company are not used to hard times" and "it is necessary to pass on the coldness to everyone."

On October 15, 2024, another employee broke the news that he had not received last month’s salary; Hozon Auto responded to the media the next day, saying that the company's front-line employees' salaries were paid on time, but the salary structure of mid- and senior-level employees was being adjusted recently, so the salary of some employees was slightly delayed. At the end of the same month, an online media outlet received information from a Hozon Auto employee that Hozon Auto had begun implementing a salary cut plan for all R&D personnel. The salary cuts for more than 1,000 employees range from 5% to 30%, which should correspond to the earlier "salary structure adjustment". Hozon Auto responded that the salary increase plan is part of the company's goal of achieving positive cash flow as soon as possible. The company also launched a full-staff equity incentive plan, allocating 5% of the shares to all employees as incentives; the company will also implement organizational streamlining, Cutting redundant staff, focusing on business, flattening management and other cost-cutting and efficiency-enhancing measures. On November 7, media reported that Hozon Auto launched a large-scale layoff that day, with the layoff rate reaching up to 70%, but the company denied it.

On November 14, 2024, Hozon Auto told the media that the company is promoting major strategic adjustments, including streamlining its structure and focusing on its core business. To further improve operational efficiency, the company will allocate more resources to overseas market expansion and plans to achieve positive operating cash flow in February 2025. Hozon Auto also announced that it has reached a cooperation agreement with Nanning Industrial Investment Group, which will provide financial support for the company's supply chain. On December 6, Hozon Automobile announced that Zhang Yong would no longer serve as the company's CEO and would become a company consultant; the company's founder and chairman Fang Yunzhou would concurrently serve as CEO. Fang Yunzhou issued an internal letter to all employees on the same day, admitting that the company was in operational difficulties and stating that he "bears the primary responsibility and deeply apologizes to everyone."