is undergoing a supply chain restructuring to address the Neta S capacity shortage, which is expected to be completed in the next 2-3 months.

Neta Auto, the electric vehicle (EV) brand owned by Hozon Auto, is aiming to double its sales this year, becoming the latest to set an aggressive goal after .

Neta is aiming for 300,000 units of vehicle sales in 2023, local media China Securities Journal reported today.

The EV maker has sales of 152,073 units in 2022, up 118 percent from a year earlier, including 3,456 units delivered overseas, according to data it previously announced.

The 300,000-unit sales target, if reached, would mean Neta's sales growth rate in 2023 would be 97 percent, also higher than its historical cumulative sales. Neta's cumulative deliveries since its inception were 254,065 units at the end of January.

Neta will accelerate the optimization of its product mix and go into full production in 2023, the China Securities Journal report said.

In response to the current lack of capacity for its flagship sedan Neta S, Neta is making supply chain adjustments that are expected to be completed in the next 2-3 months, according to the report.

The Neta S, which officially went on sale in China on July 31, 2022, is Neta's first model to target the premium market and now has a starting price range of RMB 202,800 ($29,893) to RMB 341,800 after a price hike a month ago.

Neta previously targeted the primarily budget EV market, with the Neta V and Neta U both priced at around RMB 100,000.

Neta is the latest local EV maker after 's electric vehicle brand Zeekr to aim to double its sales this year.

Zeekr CEO Andy An said in a January 27 internal employee letter that the company aims to sell 140,000 vehicles in 2023. Zeekr delivered 71,941 vehicles in 2022, meeting its goal of delivering 70,000 vehicles for the year.

Notably, slowing economic growth is putting pressure on Chinese car companies, and 's price cut a month ago added to the pressure.

On January 4, Neta raised the prices of all models on sale as China's purchase subsidies for NEVs were withdrawn at the end of 2022.

Two days later, however, Tesla sharply cut the prices of all its China-made models on January 6, its second price cut in three months. Subsequently, XPeng (NYSE: XPEV) and -backed AITO both lowered their vehicle prices.

On February 3, Neta announced that consumers who pay a RMB 5,000 deposit for the Neta S now can use that deposit as RMB 20,000 when they make their final payment.

Neta delivered 6,016 vehicles in January, down 45.35 percent from 11,009 in the same month last year and down 22.82 percent from 7,795 in December, according to data it announced earlier this month.

The Neta S delivered 1,517 units in January, the less expensive Neta V delivered 3,487 units and the Neta U delivered 1,012 units.