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- Hozon
Hozon Revenue, Valuation, Funding & Investors
Hozon is valued at $2.6B as of August 2023, a 1.5x revenue multiple. Hozon revenue was $1.9B, as disclosed with its April 2024 round.
Last Hozon valuation
$2.6B
Undisclosed stage · Aug 2023
Last Hozon funding round
$691M
Undisclosed stage · Apr 2024
Hozon revenue
$1.9B
Undisclosed stage · Apr 2024
Key investors in Hozon
Qihoo 360
CATL
Yichun Jinheng Equity Investment
Shenzhen Capital Group
CITIC Securities
Hongtai Capital Holdings
About Hozon
Hozon is a Chinese electric vehicle maker, formally Hozon New Energy Automobile, that sells battery electric and extended-range cars under the Neta brand. It was founded in October 2014 by Fang Yunzhou and is registered in Zhejiang with headquarters in Shanghai. Neta reached 152,073 sales in 2022 and exported to Thailand, Malaysia, Indonesia and Brazil. The company raised more than CNY 20 billion from investors including Qihoo 360, CATL, CRRC's fund, Shenzhen Capital and local state investment funds, but sales fell sharply from 2023 and it entered bankruptcy reorganisation. In September 2026 creditors reviewed a plan under which Zhejiang Taiyi Shanglian would invest CNY 3 billion for about 70.6 percent of the business.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$1.9B (Apr 2024)
Valuation
$2.6B (Aug 2023)
Hozon Valuation
Hozon is currently valued at $2.6B, based on its undisclosed-stage round in August 2023. Read the announcement ↗
Hozon's valuation has grown 1.1x from $2.3B at its Series C in December 2020 to $2.6B in August 2023, across 5 priced rounds.
Hozon valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Aug 2023 | Undisclosed stage | $2.6B | 1.5x |
| Feb 2022 | Series D | $3.6B | 4.4x |
| Dec 2021 | Series D | $3.9B | 4.9x |
| Oct 2021 | Series D | $4.1B | 20.0x |
| Dec 2020 | Series C | $2.3B | 11.6x |
Hozon Revenue
Hozon's latest recorded revenue is $1.9B, as of its undisclosed-stage round in April 2024.
Revenue grew from $199M in December 2020 to $1.9B in April 2024.
Hozon revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Apr 2024 | $1.9B | - | - | Undisclosed stage |
| Aug 2023 | $1.8B | $2.6B | 1.5x | Undisclosed stage |
| Feb 2022 | $831M | $3.6B | 4.4x | Series D |
| Dec 2021 | $801M | $3.9B | 4.9x | Series D |
| Oct 2021 | $203M | $4.1B | 20.0x | Series D |
| Apr 2021 | $201M | - | - | Series D |
| Dec 2020 | $199M | $2.3B | 11.6x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Hozon Funding History
Hozon has raised a total of $4.6B across 10 funding rounds.
Hozon's first fundraising round was a $300M angel round in September 2017. The most recent completed round was a $691M undisclosed-stage round in April 2024.
Hozon funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2024 | Undisclosed stage | Yichun Jinheng Equity Investment; Nanning Minsheng New Energy; Hongtai Capital Holdings; Tongxiang State-owned Capital Investment and Operation | $691M | - | In April 2024 Hozon announced a financing of more than CNY 5 billion from three local state-owned investment companies, Tongxiang State-owned Capital Investment and Operation, Yichun Jinheng Equity Investment and Nanning Minsheng New Energy Industry Investment Partnership, with Hongtai Capital also recorded among the investors. The money was meant to ease financial pressure, support overseas expansion and prepare for a future listing. One investor quoted in the press said the amount may include tax breaks, land and factory buildings and not only cash. Hozon reported revenue of CNY 13.55 billion in 2023, up 3.9 percent, with a net loss of CNY 6.87 billion, and sold 127,496 vehicles under the Neta brand that year. |
| Aug 2023 | Undisclosed stage | - | $966M | $2.6B | Hozon New Energy Automobile, known as Neta Auto, is a Shanghai-based Chinese electric vehicle startup that raised CNY7 billion (USD961.6 million) in a pre-IPO crossover funding round completed around August 29-30, 2023, marking its first fresh capital since July 2022. The round valued the company at CNY18 billion, positioning it among global unicorns per Hurun Research Institute's April index. Investors were undisclosed, following prior backers like CATL and Shenzhen Capital Group. Hozon sold 152,000 Neta-branded vehicles in 2022, leading Chinese auto startups, but deliveries fell 6.1% to 72,500 units in the first seven months of 2023 amid market pressures. The company operates factories with 150,000 annual capacity and is expanding into Southeast Asia, including assembly in Indonesia, Malaysia, and Thailand. It reported a 2022 net loss of CNY6.9 billion per investor 360 Security Technology. Post-round, Hozon planned a Hong Kong IPO targeting up to USD1 billion, appointed CICC and Morgan Stanley, and later secured Hong Kong government support including USD200 million cornerstone investment. |
| Feb 2022 | Series D | CRRC Corp. (lead); Shenzhen Capital Group (lead) | $315M | $3.6B | Hozon New Energy Automobile, operating the Neta brand, is a Zhejiang-based Chinese electric vehicle maker focused on entry-level EVs priced under RMB 100,000. It delivered 69,674 vehicles in 2021, achieving the highest volume among new EV entrants after Xpeng, Li Auto, and Nio, with a 6% market share in China's all-electric EV segment alongside WM Motor and Leapmotor. In January 2022, it recorded 11,000 deliveries, surpassing Nio and marking three consecutive months above 10,000 units, with sales covering 27 provinces and 148 cities. The February 2022 financing, over RMB 2 billion ($316 million), was the third tranche of Hozon's Series D round, which totaled RMB 8 billion. Primary investors included CRRC Corporation's investment fund and Shenzhen Capital Group. Prior Series D sub-rounds included RMB 4 billion in October 2021 led by Qihoo 360 (RMB 2 billion) and RMB 2 billion in December 2021 with CATL, Qihoo 360, and BAIC Capital. Cumulative funding exceeded RMB 14 billion, matching Nio's total at the end of 2017. Upon Series D completion, Hozon's valuation exceeded RMB 25 billion. It launched a pre-IPO round targeting RMB 45 billion valuation ($7 billion) for a potential Hong Kong IPO in 2022, arranged by Citic Securities and CICC, potentially raising $1 billion. Interest came from SoftBank Vision Fund, Abu Dhabi Investment Authority, UAE sovereign fund, and Singapore's GIC, but deals did not close due to competition concerns. Additional financing included RMB 5 billion from CITIC Bank and RMB 2 billion from Bank of Shanghai, with local governments providing support via loans, land, and purchases. |
| Dec 2021 | Series D | BAIC BluePark New Energy (lead); CATL (lead); Qihoo 360 | $314M | $3.9B | In December 2021 Hozon disclosed a further tranche of its Series D financing, of about CNY 2 billion, with participation from CATL, Qihoo 360 and BAIC's industrial investment arm BAIC BluePark. It followed the CNY 4 billion tranche announced in October 2021 and was followed by another Series D tranche in February 2022 from CRRC's fund and Shenzhen Capital Group. Hozon makes the Neta electric vehicles in Zhejiang, China, and delivered 69,674 vehicles in 2021. |
| Oct 2021 | Series D | CCB International; Qihoo 360; CATL; GF Venture Capital; CITIC Securities | $623M | $4.1B | Hozon announced in October 2021 a CNY 4 billion round, the first tranche of its Series D financing, in which Qihoo 360 led with CNY 2 billion. CATL, CCB International, CITIC Securities and GF Venture Capital are also recorded among the investors. After the investment Qihoo 360 held about 16.6 percent of Hozon and became its second-largest shareholder. Press reports put the pre-investment valuation at CNY 22 billion. Hozon sells the Neta electric vehicles in China and delivered 69,674 vehicles in 2021. |
| Apr 2021 | Series D | Qihoo 360 (lead) | $464M | - | Qihoo 360 led a CNY 3 billion Series D investment round in Hozon, the maker of the Neta electric vehicles, announced in April 2021. It was the first closing of the Series D financing that Hozon later extended in October and December 2021 and February 2022. Qihoo 360 had first joined Hozon in early 2020 and the investment made it one of the company's largest shareholders. The company was preparing a listing on the Shanghai STAR Market at the time. Hozon is a Zhejiang-based maker of battery electric passenger cars sold under the Neta brand, and its deliveries rose to 69,674 vehicles in 2021. |
| Dec 2020 | Series C | HD Capital (lead) | $306M | $2.3B | Hozon announced on 2 December 2020 that it was about to close its Series C round with CNY 2 billion from lead investor HD Capital, a Chinese investor focused on the smart electric vehicle supply chain. The company had started the round in July 2020 with a target of CNY 3 billion and said at the time that it planned a listing on the Shanghai STAR Market the following year. The round followed a CNY 3 billion Series B in 2019 and preceded the Series D financing of 2021, in which Qihoo 360, CATL and others invested. Hozon makes the Neta electric vehicles in Zhejiang, China. |
| Apr 2019 | Series B | Yichun Jinheng Equity Investment | $447M | - | Hozon Automobile, founded in 2014 and based in Hangzhou, China, is a pure electric smart car R&D company that produces vehicles under the Neta brand. In April 2019, it completed a Series B funding round raising ¥3B, bringing its total equity funding to ¥3B at that point. The company has faced later financial pressures, receiving government subsidies and investments in 2024 totaling around 5.691 billion RMB from regional Chinese governments to support expansion, overseas markets, and a potential IPO, including a planned manufacturing plant in Hong Kong. Sales peaked at 152,073 units in 2022 before declining to 87,684 in 2024 and just 1,213 in 2025. |
| Dec 2017 | Series A | Zhihe Chuxing | $190M | - | In December 2017 Hozon completed a CNY 1.25 billion Series A round in which Zhihe Chuxing and Zhehua Investment took part. The injection changed control of the company: Zhihe Chuxing, linked to businessman Wang Wenxue, became the controlling shareholder and founder Fang Yunzhou and the original team became the second-largest shareholder, with Fang remaining as vice chairman. In early 2018 Zhang Yong, a former deputy general manager at BAIC New Energy, joined as chief executive. The round followed a CNY 2 billion angel round in September 2017. Hozon designs and sells battery electric passenger vehicles under the Neta brand from Zhejiang, China. |
| Sep 2017 | Angel | Xinchanghong Power Technology; Beijing SinoHytec Co; Hongli Zhihui Group Co | $300M | - | In September 2017 Hozon, the Zhejiang electric vehicle maker behind the Neta brand, completed a CNY 2 billion angel round. The investors named in the reporting were Hongli Zhihui, SinoHytec and Xinchanghong. The round gave the three-year-old company the capital to build its first production programme, and Hozon had been founded in 2014 by Fang Yunzhou with Tsinghua-linked and hydrogen-technology shareholders. Three months later a new controlling shareholder, Zhihe Chuxing, injected a further CNY 1.25 billion. Hozon designs and sells battery electric passenger vehicles under the Neta brand from Zhejiang, China. |
Who has invested in Hozon?
17 investors have backed Hozon across its funding rounds, including Qihoo 360, CATL, Yichun Jinheng Equity Investment, Shenzhen Capital Group, CITIC Securities and Hongtai Capital Holdings.
Lead investors include CRRC Corp., Shenzhen Capital Group, BAIC BluePark New Energy, CATL, Qihoo 360 and 1 other investor.
Hozon Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Apr 2021 | ||
| 2 | Participant | Apr 2019 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
| 1 | Participant | Dec 2017 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Sep 2017 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Lead | Feb 2022 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Lead | Feb 2022 | ||
| 1 | Participant | Sep 2017 | ||
| 1 | Lead | Dec 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialHozon Competitors
Hozon competitors include listed companies like XPENG, WeRide, Mitsubishi Motors and Pony AI, and private ones like Rimac Group and Zhizi Automobile.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $385M | - | $2.3B | 6.0x | ||
| Publicly listed | $12B | $157M | $8.7B | 0.8x | ||
| Publicly listed | $103M | ($259M) | $1.4B | 4.6x | ||
| Publicly listed | $18B | $872M | $2.9B | 0.2x | ||
| Publicly listed | $90M | ($71M) | $2.1B | 7.6x | ||
| Private | - | - | $3.3B | - |
Hozon Public Comps
Hozon is still privately-owned, but its public comps include TVS Holdings, Aima Technology Group, QuantumScape, Hesai Technology, Force Motors, Mitsubishi Motors, Tofaş, Pony AI, NFI Group and Archer Aviation.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $5.9B | $960M | 1.2x | - | 7.6x | - | |||
| $3.8B | $425M | 0.5x | 0.5x | 4.0x | 5.0x | |||
| - | ($397M) | - | - | (4.4x) | (6.9x) | |||
| $455M | $72M | 3.6x | 2.7x | 22.5x | 23.2x | |||
| $944M | $182M | 2.3x | - | 11.9x | - | |||
| $18B | $872M | 0.2x | 0.2x | 4.5x | 3.7x | |||
| $6.6B | $237M | 0.5x | 0.3x | 14.0x | 9.0x | |||
| $90M | ($71M) | 12.0x | 7.6x | (15.3x) | (4.4x) | |||
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Common questions about Hozon
| When was Hozon founded? | Hozon was founded in 2014. |
| Where is Hozon headquartered? | Hozon is headquartered in Shanghai, China. |
| Is Hozon publicly listed? | No, Hozon is a private, VC-backed company. |
| What is Hozon's valuation? | Hozon was last valued at $2.6B in its undisclosed-stage round in August 2023. |
| How much funding has Hozon raised? | Hozon has raised $4.6B across 10 funding rounds. |
| What was Hozon's last funding round? | Hozon's last funding round was a $691M undisclosed-stage round in April 2024. |
| Who are Hozon's investors? | Hozon's investors include Qihoo 360, Yichun Jinheng Equity Investment, CATL, CCB International, Zhihe Chuxing, Nanning Minsheng New Energy, Xinchanghong Power Technology, Hongtai Capital Holdings, CRRC Corp., Tongxiang State-owned Capital Investment and Operation and 7 others. |
| What is Hozon's revenue? | Hozon's latest recorded revenue is $1.9B (April 2024). |
| Which companies are comparable to Hozon? | Companies comparable to Hozon include Rimac Group, XPENG, WeRide, Mitsubishi Motors, Pony AI and Zhizi Automobile. |
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