Chinese Internet Security Firm Qihoo 360 to Spend $451 Million for 16.6% Equity of Hozon Auto

Chinese Internet Security Firm Qihoo 360 to Spend $451 Million for 16.6% Equity of Hozon Auto

( Source: Holobase)

Chinese web security company Qihoo 360 Technology revealed on Monday that the business prepares to invest 2.9 billion yuan ($451 million) in Hozon Auto, which likewise runs an automobile brand name called NETA Auto. After this financial investment is finished, Qihoo 360 will indirectly hold 16.594%equity of NETA Auto, making it the second-largest investor.

Qihoo 360’s financial investment is generally based upon the beneficial advancement chances and market potential customers of network security and smart networks within the vehicle market.

On April 26, NETA Auto revealed the launch of Round D funding, amassing about 3 billion yuan, led by Qihoo360 On May 11, 360 held a media interactions conference on its clever automobile technique. Zhou Hongyi, Founder and Chairman of Qihoo 360, revealed that the business would tactically buy Hozon Auto to become its second-largest investor.

SEE ALSO: Chinese Cybersecurity Giant 360 to Cooperate with NETA Auto to Make Electric Cars

Zhou as soon as stated that wise vehicles are anticipated to end up being the biggest clever terminals after computer systems and cellphones, which the ‘Internet of Vehicles’ will likewise end up being the next turning point advancement chance after mobile web. The network security of wise cars and trucks and the security of automobile networking will likewise end up being an essential consider Qihoo 360’s company scope in the future.

In September, NETA Auto included an investor called Chengdu Hongjing Technology Co., Ltd., which is a wholly-owned subsidiary of Qihoo 360, however its shareholding ratio has actually not been divulged.

There are 3 designs provided by NETA Auto, specifically the NETA U, which was released in March 2020, the NETA V, which was released in November 2020, and the NETA S, which will be gone for completion of 2022.

Since its facility, NETA Auto has actually concentrated on low-end designs, which up until now have actually not been extensively acknowledged within the marketplace. In current months, the company’s sales volume has actually been increasing continually. In September, it provided 7,699 lorries, exceeding competing Li Auto, and accomplished sales development for 8 successive months. The overall shipment volume of NETA Auto from January to September this year reached 41,427 systems.

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Author: admin