Another budget-priced electric car brand is taking off in China, this time selling compact SUVs.
among new energy passenger cars in China, a category which includes hybrids. As of November, year-to-date sales had exceeded 370,000 vehicles, according to the China Passenger Car Association.Nezha also said it exported about 3,500 cars in 2022. Since late 2021, the company has pushed into Southeast Asia, starting with a partnership in Thailand. Nezha, also known as Neta, has an English-language website that shows it's looking for partners in the Philippines and Cambodia.
The company is a brand under startup Hozon Auto. As of July 2022, Nezha said it had raised nearly 10 billion yuan for its Series D, or fourth stage of fundraising after initial investment.The Chinese government has supported the development of the domestic electric car industry. Cities have preferential policies that encourage people to switch to electric-powered cars.
And despite the drag of Covid controls on China's retail sales in 2022, electric car sales remained a pocket of growth. More than a quarter of passenger cars sold in 2022 through the end of November were new energy vehicles, according to the China Passenger Car Association. Monthly figures from the association typically come out in the middle of the month.
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