Chinese electric vehicle (EV) manufacturer Hozon New Energy Automobile Company this week said it has raised CNY7bn (US$960m) in a pre-initial public offering (IPO) financing round, the first inflow of fresh capital the company has had since July 2022.

The Shanghai-based EV maker, also known as Neta Auto, closed off the private fundraising round this week but is expected to launch an IPO in Hong Kong in October with the aim of raising a further US$1bn. The additional capital will help fund the EV startup’s expansion both in its home market and overseas.

Hozon, which has Chinese EV battery maker CATL among its main backers, has been expanding aggressively into overseas markets over the last year – particularly in South-east Asia. Earlier this month the company announced plans to begin assembling its Neta EVs in Indonesia in partnership with local contract assembler Handal Indonesia Motor from the second quarter of 2024.

The company already sells its vehicles in Malaysia and Thailand, where it plans to begin assembling EVs in partnership with Bangkok-based Bangchan General Assembly Company next year.