By Hugh Chen
Overseas expansion has become a crucial strategy for Chinese electric vehicle (EV) makers these days as a domestic market that once fueled their rapid growth becomes increasingly saturated. Hozon New Energy Automobile Co. Ltd. is among the most active moving in that direction, calling the shift of gears a cornerstone for its next phase of development, according to its IPO application filed with the Hong Kong Stock Exchange last week.
Its decision to list is significant for Hozon, as it seeks to raise money to support its ambitious global expansion plans. The company hopes its global drive could help to distinguish it from a crowded field of other money-losing listed Chinese EV makers like Xpeng (XPEV.US; 9868.HK), Li Auto (LI.US; 2015.HK), Leapmotor (9863.HK) and Zeekr (ZKR.US), just to name a few.