Hozon Auto receives RMB5 billion credit line from China CITIC Bank

Hozon Auto started a comprehensive and in-depth cooperation with Shanghai branches of China CITIC Bank, CITIC Securities and CITIC Prudential Life.

Hozon New Energy Automobile (Hozon Auto, or Nezha) announced that it has signed a comprehensive strategic cooperation agreement with the Shanghai Branch of the CITIC Group’s Coordination Committee on March 1.

Hozon Auto started a comprehensive and in-depth cooperation with Shanghai branches of China CITIC Bank, CITIC Securities and CITIC Prudential Life.

It also received a credit line of 5 billion yuan from China CITIC Bank, and the company will use the funds to ramp up the research and development of smart technologies, including the smart cockpit and smart driving.

Fang Yunzhou, founder and chairman of Hozon Auto, revealed at the signing ceremony that after the two parties had a deep understanding of the technical strengths and needs. After half a year of contacting and on-site inspections, both sides reached the strategic cooperation .

After years of development, Hozon Auto has a certain degree of market recognition and market share in the Chinese market, which has also laid a solid foundation for the trust and cooperation between the two parties.

Hozon Auto said that, so far, Hozon Auto has obtained a total of more than 10 billion credit lines through cooperation with China CITIC Bank and other banks.

Recently, the sales data in February released by Hozon Auto showed that it delivered 2,002 new cars, an year-on-year increase of 1,863%.

But industry insiders believe that Hozon Auto’s sales base during the same period last year was relatively low.

It is reported that as of the end of February, Hozon Auto has delivered more than 30,000 new cars.

Currently Hozon Auto is selling NETA U and NETA V models.

In early March, Hozon Auto announced the launch its Model of the Year, NETA U Pro. It said the car has a maximum cruising range of 610 kilometers.

According to Hozon Auto, a mass production model based on the Eureka 03 concept car will be rolled out of productionline this year. This model has an extended range of more than 1,100 kilometers.

At the same time, the company will also launch redesigned models of existing ones.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2021/03/06/hozon-auto-receives-rmb5-billion-credit-line-from-china-citic-bank/.

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