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| Name | Hozon's IPO Draws Attention with Promising Overseas Expansion |
| Video Uploader | Video From UON News EV |
| Upload Date | This Video Uploaded At 03-07-2024 07:47:17 |
| Video Discription | ...Source: https://cnevpost.com/2024/07/03/hozon-tempts-investors-with-overseas-drive/ Transcript: According to China EV Post, Hozon New Energy Automobile Co. Ltd., the parent company of Neta Auto, has filed for an IPO in Hong Kong. Hozon is targeting both domestic and international markets with its affordable electric vehicles. The company's finances are precarious, with cash reserves dropping to $386 million at the end of last year, down from $952 million in 2022. Despite financial struggles, Hozon's overseas revenue surged to $226 million in 2023, up from $34 million in 2022. Hozon plans to use funds from the IPO to support its global expansion, including building factories abroad. The company currently operates three overseas factories in Thailand, Indonesia, and Malaysia. Hozon's Neta brand sold over 150,000 vehicles in 2022, but sales dropped by 16% in 2023, with only 105,278 units sold in China. The company has set an ambitious target of 300,000 units for 2024 but has only sold 43,564 vehicles in the first five months. Hozon hopes its global expansion will help distinguish it from other struggling Chinese EV makers like Xpeng, Li Auto, and Leapmotor. The company aims to reverse its declining domestic sales while maintaining cost competitiveness during the ongoing price war initiated by Tesla. |
| Category | Autos & Vehicles |
| Tags | Chinese Electric Cars | Hozon Global Expansion | Hozon IPO News | Neta Auto EV | Neta EV Sales |
