(Yicai Global) April 22 -- Chinese electric vehicle startup Hozon New Energy Automobile has reeled in CNY3 billion (USD448 million) in a series B financing round, with government and industrial funds taking the lead.

Most of the new funding will go to research and development of vehicles and to speed the application of smart seats and intelligent driving, theShanghai-based company said in a statement yesterday.

Founded in 2014, Hozon has so far raised more than CNY7 billion. The company's first model, the Neta N01, has been delivered and its second mass production vehicle U will start to roll off the assembly line in the fourth quarter. 

Editor: Ben Armour