CATL invests in BEV brand Neta

Battery cell manufacturer CATL has acquired a stake in Neta Automobile, an electric car brand of Hozon Auto. CATL will supply Neta with battery cells in the future and develop electric car technologies together with Neta.

Specifically, 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.

Neta currently offers two e-SUVs, the U Pro and V models, and recently introduced another variant, the V Pro. The U Pro is 4.53 metres long with a 2.77 metre wheelbase (roughly comparable to a VW ID.4) and is offered in four variants with NEDC ranges between 400 and 610 kilometres. The Neta V is smaller (4.07 metres long with a wheelbase of 2.42 metres), the NEDC range is 301 or 401 kilometres, but the vehicle also only offers 40 or 55 kW of power – the U Pro has up to 150 kW.

While the Neta V is available as an affordable city SUV at prices starting at 59,900 yuan (8,200 euros), 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 13,665 and 21,880 euros, in each case after deducting the subsidy. Neta delivered 8,107 units of the two models in October.

The recently introduced Neta V Pro has the 38.5 kWh battery of the long-range version of the basic model, but a more powerful motor. It has an output of 70 kW, but the NEDC range is still 401 kilometres. The price for the V Pro starts at 76,900 yuan after the deduction of the subsidy, which is the equivalent of 10,530 euros.

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 (548 million euros), half of which came from Qihoo 360.

cnevpost.com, pandaily.com, hozonauto.com (U Pro), hozonauto.com (V), cnevpost.com (announcement of V Pro)