Nezha Auto, one of the representatives of China's new energy vehicle (NEV) startups, has experienced periodic fluctuations in its performance in the Chinese market in recent years. In 2020, its annual sales reached 15,091 units, marking a 51% year-on-year increase and ranking fifth among new NEV startups. In 2021, sales surged to 69,674 units, and in 2022, it became the first new NEV startup brand to surpass 150,000 annual sales with 152,073 units. However, sales declined to 127,496 units in 2023, and February 2024 saw monthly sales of 6,085 units, reflecting a year-on-year drop. Positioned in the mid-to-low-end market with a focus on cost-performance strategy, the brand's product lineup includes models such as the Nezha U and Nezha V. It has consistently invested in intelligent technology R&D, securing cumulative bank credit facilities exceeding RM10 billion and multiple rounds of financing, with state-owned capital comprising over 60% of its ownership structure. Key development traits include initial reliance on local government capital support, aggressive production capacity targets (250,000 units/year), and accelerated overseas expansion in recent years. The company has established production bases in Thailand and Indonesia, achieving a 567% year-on-year growth in overseas sales to 20,000 units in 2023. While Nezha Auto maintains notable recognition in China's NEV market, its brand influence still trails leading NEV startups, with market performance heavily dependent on strategic pivots.
