With 200 showrooms in over 150 cities across China, the company announced its plans to go public on Shanghai's Star market earlier in July this year.
Nezha U. Image credit: Hozon Auto
Hozon Auto Co-founder and CEO Zhang Yong said at the Beijing Auto show on September 26 that the C round of financing of the all-electric automaker would be higher than the previous announcement, with the amount expected to exceed CNY 3 billion.
He also revealed that the company's gross margin is expected to turn positive due to substantial sales growth and a low operational cost level.
Hozon Auto currently has two models for sale. According to the China Insurance Regulatory Commission, the insurance registrations of the two models totaled 6,852 units for the first eight months, ranking the company fifth among Chinese EV startups.
According to Chinese media channel Qiche-China, in the first half of 2020, the total delivery volume of Hozon Auto exceeded 16,000, ranking fourth behind NIO, Li Auto and WM Motor – and slightly better than Xpeng ranking fifth. As of July, the sales volume of Hozon Auto had reached 1,016 vehicles, down 23.78% from a month earlier.