Chinese Budget-EV Startup Neta Reports 372% Rise In November Deliveries

Chinese electric vehicle startup Neta Automobile recorded a 23.5% rise in deliveries compared to a month ago at 10,013 units in November, cnEVpost reported on Wednesday, citing the company.

What Happened: Neta Automobile, backed by Chinese cybersecurity firm Qihoo 360, reported a 372% increase in deliveries on a year-over-year basis.

The startup has sold 59,547 electric vehicles so far this year.

Neta Automobile currently has three models on sale in China — the Neta V, Neta V Pro and the Neta U Pro — which are all priced under $16,000.

The company plans to launch another electric vehicle Neta S next year.

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

Why It Matters: China’s electric vehicle market is buzzing, with various players trying out different ends of the market at various price points including Neta’s affordable price points.

A $4,500 budget electric car built under a joint venture with General Motors Company GM outsold Tesla Inc’s TSLA Model Y and Model 3 sales in China earlier this year.

Neta competes with homegrown rivals like Nio Inc NIO and Xpeng Inc XPEV.

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 0.68% higher at $1,144.76 a share on Tuesday.

Photo: Courtesy of Hozon