Neta employees celebrate as the startup’s 400,000th vehicle rolls off the assembly line in Zhejiang province in March 2024. [Photo provided to chinadaily.com.cn]
Hozon, parent company of Chinese NEV startup Neta, inked deals with CITIC Group subsidiaries on Wednesday to deepen their comprehensive cooperation.
The Shanghai branches of China CITIC Bank and CITIC Securities will provide solutions ranging from financing and investment to cross-border clearing to Neta, according to their respective agreements.
The new deals came after a comprehensive agreement the carmaker inked with CITIC Group in 2021, in which the company was granted a credit line of 5 billion yuan ($690 million).
The capital has been spent on research and development of smart cabin functions and autonomous driving, said Neta.