Chinese Battery cell manufacturer CATL has acquired a stake in Neta Automobile. Neta is the electric car brand of Chinese Hozon Auto. Furthermore, CATL will supply Neta with battery cells in the future and develop electric car technologies together with Neta.
CATL has participated in Neta’s D2 financing round with an undisclosed sum. In addition to the investment, a cooperation agreement was also signed, which includes collaboration on technology development and “supply chain support” – in other words, supplying the right battery cells in any case. It is not known which components of the e-drives the development cooperation refers to.
At the moment, Neta offers two e-SUVs, the U Pro and V models, and recently introduced another variant, the V Pro.
While the Neta V is available as an affordable city SUV at prices starting at 59,900 yuan ($9,000), the price range for the larger and more powerful U Pro is between 99,800 and 159,800 yuan. That is the equivalent of between $15,000 and $23,000. Neta delivered 8,107 units of the two models in October.
The first vehicles from Neta were delivered in 2018 and belong to Hozon Auto, a manufacturer founded in 2014. In the past two funding rounds, Qihoo 360, one of China’s largest cybersecurity companies, had also taken a stake in Neta.
The D1 financing was only completed at the end of October. At that time, Neta raised four billion yuan ($620m ), half of which came from Qihoo 360.