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360's Zhou Hongyi Says He Won't Invest in New Energy Vehicles Again: Burned Once, Won't Enter Again
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From September 15 to 16, the Fifth International Summit on the Scale Application of the BeiDou System was held in Zhuzhou, Hunan. Zhou Hongyi, founder and chairman of 360 Group, clearly stated during the conference while accepting an interview with Xiaoxiang Morning Post · Morning Video reporters that 360 would no longer invest in new energy vehicles. He said bluntly, 'I have already suffered a loss once, and I will not enter the game again.' This statement quickly attracted industry attention.
The 'suffered a loss once' that Zhou Hongyi mentioned refers to 360's previous investment in Neta Auto. In 2021, 360 announced plans to invest a total of 2.9 billion yuan in Neta Auto. After all of it was implemented, it would hold 16.5940% and become the largest shareholder other than the management team, of which 1.9 billion yuan was invested initially.
However, this investment did not proceed to completion as originally planned. In 2022, 360 announced that it would transfer, for 0 yuan, a 3.532% equity stake corresponding to the 1 billion yuan of unpaid capital contribution, and waived its remaining capital increase obligation. After the transfer was completed, 360 retained 11.4266% equity and no longer continued to add investment.
Regarding 'abandoning the capital increase,' Zhou Hongyi explained at the time that Neta Auto was still a startup and needed the founder team to lead the company's development, rather than being completely led by capital, but at that time the founder team's equity was too small. He said that 360's positioning was to support and assist the team.
Afterward, Neta Auto's situation continued to deteriorate. In May 2025, Neta Auto was subject to a bankruptcy review application; in June of the same year, Neta Auto was formally subject to a bankruptcy application. In March 2026, Neta Auto founder Fang Yunzhou and former CEO Zhang Yong were listed as dishonest judgment debtors, commonly known as 'laolai' or deadbeats.
Compared with carmaking, Zhou Hongyi is now more optimistic about artificial intelligence. In the interview, he admitted that AI brings greater opportunities and advised all entrepreneurs to master Agents. Previously, 360 issued an all-staff letter proposing to use AI to 'start a new business again.'
From new energy vehicles to artificial intelligence, the shift in Zhou Hongyi's investment focus reflects changes in industry trends. As new carmaking forces undergo deep reshuffling, AI is becoming a new track pursued by entrepreneurs and capital, and whether 360 can use it to recover its growth curve remains to be seen.
