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 (NYSE:GM) outsold Tesla Inc’s (NASDAQ:TSLA) Model Y and Model 3 sales in China earlier this year.
Neta competes with homegrown rivals like Nio Inc (NYSE:NIO) and Xpeng Inc (NYSE: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
