Chinese new energy vehicle (NEV) manufacturer, Neta Auto, part of the Hozon Auto Group, has reported a noteworthy uptick in vehicle deliveries for the month of August. However, these figures, though encouraging, remain lower compared to the corresponding period in the previous year.
According to recent data released by Neta Auto, the company delivered a total of 12,103 vehicles in August, marking a substantial 21 percent increase from the 10,039 units delivered in June. However, it is crucial to note that this figure represents a year-on-year decline of 24.44 percent compared to the 16,017 vehicles delivered in August of the previous year.
Neta Auto refrained from specifying delivery figures for individual models within its lineup. For the cumulative period from January to August this year, the company has reported delivering a total of 84,559 vehicles, which reflects a notable decrease of 9.26 percent when compared to the same period in the preceding year.
Since its establishment in October 2014, Neta Auto has steadily made its mark in the Chinese electric vehicle market. The company secured vehicle production qualifications, approved by China's economic planner, the National Development and Reform Commission, in April 2017. Subsequently, in November 2018, Neta Auto introduced its inaugural model, the N01.
Throughout its journey, Neta Auto has been predominantly positioned as a budget-oriented electric vehicle manufacturer, targeting the lower end of the market. Presently, the company's product portfolio encompasses models such as the Neta Aya, Neta U, Neta S, and Neta GT.
In terms of pricing, the Neta Aya and Neta U have starting prices of RMB 73,800 ($10,170) and RMB 118,800 in China, respectively. Neta Auto ventured into the premium segment with the Neta S, which officially launched in China on July 31, 2022, offering a price range starting from RMB 159,800 to RMB 269,800.
In a bid to diversify its offerings further, Neta Auto unveiled the Neta GT sports car during the Shanghai Auto Show on April 18. This model commenced deliveries on May 13, with a current starting price ranging from RMB 178,800 to RMB 226,800.
To bolster its operations and future endeavors, Neta Auto recently announced the successful closure of a Crossover round of financing, raising an impressive RMB 7 billion in capital. It's worth noting that Crossover rounds differ from the conventional Series A, B, and C rounds, as they involve private companies attracting investments from traditional backers who typically focus on publicly traded entities.