Benzinga | Dec 1, 2021 01:18AM EST

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 (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