Chinese Budget-EV Startup Neta Registers 294% Rise In October Deliveries

Chinese electric vehicle startup Neta Automobile reported a 5.3% rise in deliveries to 8,107 units in October, compared to a month ago, cnEVpost reported citing the company.

What Happened: Neta Automobile, backed by Chinese cybersecurity firm Qihoo 360, reported a 294% increase in deliveries on a year-over-year basis.

The startup has sold 49,534 electric vehicles so far this year.

See Also: GM Joint Venture's Budget EV Remains Top-Selling NEV In China Ahead Of Tesla Model Y, Model 3

Neta Automobile currently has two affordable models on sale - Neta V and Neta U — which are priced in the $9,350- $25,568 range.

The company’s recently launched electric crossover Neta U Pro had more than 5,000 orders in October, as per the report. 

Why It Matters: China’s electric vehicle market is buzzing, with various players trying out different ends of the market at various price points. A $4,500 budget electric car built under a joint venture with General Motors Company GM made news earlier this year when it outsold Tesla Inc’s TSLA Model Y and Model 3 sales in the country.

Homegrown players Nio Inc. NIO, Xpeng Inc XPEV and others have established firm presence as well.

Xpeng reported a 233% year-over-year rise in October deliveries at 10,138 units and Nio reported deliveries of 3,667 vehicles, down 27.5% year-over-year.

See Also: Xpeng Registers 233% YoY Rise In Deliveries For October But Numbers Fall Shy Of Record Month

China’s new energy passenger vehicle sales are now estimated to reach 2.4 million units this year, compared with 2 million earlier, helped by strength across segments, as per industry reports. 

Price Action: Tesla shares closed 3.43% higher at $1,114 a share on Friday.

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

Photo: Courtesy of Jengtingchen via Wikimedia