Hozon’s New EV Model Launches Amid Price Competition and Overseas Expansion Plans

Hozon Launches Neta S Ahead of Hong Kong IPO

Chinese EV maker Hozon has unveiled its latest model, the Neta S, a wagon-style electric vehicle (EV) designed to redefine performance and compete vigorously in the crowded market. With a starting price of 159,900 yuan (approx. US$22,447) and an extended-range edition allowing up to 1,200 km of travel, Hozon is positioning itself as a formidable player in the price competition arena.

Features and Market Positioning

• The Neta S aims to rival Zeekr 001, priced at 259,000 yuan.
• Extended-range variant priced between 169,900 and 179,900 yuan.
• Inspired by Nezha, a mythology figure, targeting budget-conscious consumers.

During a briefing on the model’s launch, CEO Zhang Yong emphasized utilizing cutting-edge materials and technologies to enhance customer experience.

Strategic Insights and Future Outlook

With plans for overseas expansion, Hozon has already initiated vehicle assembly in Thailand. It has delivered 3,752 EVs in the region from January to May 2024, lagging behind BYD's 7,315 deliveries. Hozon is actively pursuing growth both domestically and internationally, despite the challenges posed by fierce price competition.

Pioneering Innovations and Future Aspirations

The firm has raised 26.4 billion yuan in funding and filed for a potential US$1 billion IPO, marking it as a pivotal player for this year on the Hong Kong Stock Exchange. The company's focus remains on technological advancement over mere price-cutting strategies.