Neta Auto, a subsidiary of Hozon New Energy Automobile, began preparations for its initial public offering (IPO) in Hong Kong in the fourth quarter of 2023, with cornerstone investments exceeding RMB 2 billion ($280 million), according to local automotive media outlet D1EV, citing sources close to the company.
Founded in October 2014, Neta has completed over 10 rounds of financing, with publicly disclosed funding exceeding RMB 20 billion, the report stated. Neta’s parent company, Hozon New Energy Automobile, was established in 2014 and introduced the Neta brand in 2018.
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Neta’s IPO plans and financial details have not been officially confirmed, with the company responding to inquiries by stating that it has no further information to provide at this time.
Neta received vehicle production qualification from China’s National Development and Reform Commission in April 2017 and launched its first model, the N01, in November 2018.
The company’s current lineup includes the Neta Aya, Neta X, Neta S, and Neta GT, with the Neta S serving as its flagship sedan and the Neta GT as an electric sports car.
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Despite delivering 127,496 vehicles in 2023, a 16 percent decrease from the previous year, Neta faced challenges. CEO Yong Zhang attributed the decline to factors such as a tumultuous product transition, initial overpricing of new models, and subdued marketing efforts.
