This is the latest move by CATL to take a stake in an EV maker.
(Image credit: Neta)
Chinese power battery giant Contemporary Amperex Technology Co Ltd (CATL) today signed a strategic partnership agreement with electric vehicle (EV) startup Neta Automobile to collaborate on technology development and supply chain support.
CATL (SHE: 300750) will participate in Neta's Series D2 funding round, for an undisclosed amount, according to a statement released by the latter.
CATL will work with Neta to develop innovative integrated technologies for new energy vehicles, in addition to supplying it with power cells, the EV maker said.
(Image credit: Neta)
Late last month, Neta announced the completion of an RMB 4 billion ($625 million) Series D1 round of financing led by Qihoo 360, China's largest cybersecurity company, which invested RMB 2 billion.
Qihoo 360 participated in two consecutive rounds of funding for Neta, investing a cumulative RMB 2.9 billion, Neta said at the time, adding that its next round of funding has been initiated and will close soon.
Neta is the electric vehicle brand of Hozon Auto, which was founded in October 2014. The first Neta model was launched in November 2018.
Neta launched the V Pro model on November 3, offering two versions to choose from, priced at RMB 76,900 and RMB 80,900 after subsidies.
It is an upgraded version of the existing Neta V model with upgraded features and services, and is the company's third model on sale after the Neta V and Neta U Pro, as well as the first model equipped with the 360 safety protection system.
The Neta V and Neta U Pro are priced at RMB 59,900 to RMB 75,900 and RMB 99,800 to RMB 159,800, respectively, after subsidies.
Neta delivered 8,107 units in October, up 294 percent year-on-year and up 5.3 percent from September, according to data released by the company on November 1.
This is the latest move by CATL to take a stake in an EV maker.
Avatr Technology, a high-end electric vehicle brand created by Changan with Huawei and CATL, previously known as Changan Nio, will bring in new capital injections from a number of companies, according to the Shenzhen-listed company's announcement on November 5.
The capital increase will be made in cash, with Changan planning to increase its capital by RMB 500 million, CATL planning to increase its capital by RMB 770 million, and four other investors participating in the capital increase, for a total capital increase of RMB 2.42 billion by all investors.
Upon completion of the capital increase, Avatr's registered capital will increase from RMB 288 million to RMB 1.17 billion, and Changan's shareholding will dilute from 95.38 percent to 39.02 percent.
CATL will hold 23.99 percent of the shares and become the second-largest shareholder of the company.
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