“Neta is dedicated to building a complete industry chain that encompasses research and development, manufacturing, sales, and after-sales service.”
The factory, which it built along with its Thai partner, Bangchan General Assembly, has an annual capacity of 20,000 units. The Neta V-II is the company’s first right-hand drive model developed for some markets outside mainland China, including Southeast Asia.
The entry-level Neta V, a left-hand drive car aimed at mainland Chinese customers, starts at 73,900 yuan (US$10,392) in China. It has a driving range of 301 kilometres on a single charge.
Hozon said it had delivered more than 12,000 units in Thailand since it started exporting Chinese-made vehicles to the Southeast Asian nation in August, 2022.
In the first 10 months of this year, Neta vehicles held a 20 per cent share of the country’s pure-electric car segment.
The company said it aimed to expand its global sales network to 50 countries with 500 overseas sales and service outlets.
In July, Hozon signed a preliminary pact with PT Handal Indonesia Motor to build an assembly plant in Indonesia which is expected to be operational by the second quarter of 2024.
“Chinese-branded EVs now have the pricing advantage in Southeast Asia and some of them are accelerating the pace of selling cars and building plants there,” said Chen Jinzhu, CEO of consultancy Shanghai Mingliang Auto Service. “They also want to avoid heated competition in the home market while chasing new growth abroad.”
Major EV makers are under pressure to stem losses amid escalating competition in mainland China, the world’s largest electric-car market. Crowded with 200 players, concerns are mounting about severe overcapacity.