Neta Auto, the electric vehicle (EV) brand owned by Hozon Auto, experienced a significant boost in deliveries last month, with an 18 percent rise compared to the same period last year. Dismissing recent rumors, the company firmly denied any plans for an initial public offering (IPO) in Hong Kong.
According to recently released data, Neta successfully delivered 13,029 vehicles in May, indicating a notable increase of 18.35 percent compared to last year’s figures. This also represented a 17.59 percent surge from April’s deliveries, which stood at 11,080 vehicles.
When considering the cumulative data from January to May of this year, Neta’s total deliveries amounted to 50,285 vehicles, marking a modest growth of 0.62 percent compared to the same period in the previous year.
Neta, established in October 2014, introduced its inaugural model in November 2018. Since its inception, the company has achieved an impressive total of 298,334 vehicle deliveries. Last year alone, Neta experienced a remarkable surge of 118.26 percent, delivering 152,073 vehicles.
Previously recognized as a budget-friendly EV manufacturer, Neta primarily targeted the lower end of the market with its competitively priced vehicles. The Neta V and Neta U, the company’s flagship models, were priced between RMB 100,000 ($14,090) and RMB 150,000 in China. However, Neta has made a strategic move to tap into the upper end of the market with its latest offering, the Neta S, which carries a price tag of approximately RMB 300,000. Additionally, the Neta GT sports car was launched on April 18, with prices ranging from RMB 178,800 to RMB 227,800.
Earlier today, Bloomberg reported that Hozon Auto was contemplating a $1 billion IPO in Hong Kong, potentially launching as early as this month. However, Neta swiftly refuted this claim through a statement on Weibo, labeling it as false information.
In a recent milestone achievement, Neta celebrated the production of its 300,000th vehicle, just 16 months after its 100,000th car rolled off the assembly line.
As part of its expansion plans, Neta inaugurated its global headquarters in Shanghai on May 29. Prior to this, the company had its headquarters in Minhang district, Shanghai, along with a design center in Beijing and a factory located in Tongxiang, Zhejiang province.
