Neta begins construction of its 3rd overseas plant in Malaysia

Neta‘s plant in Malaysia is scheduled to start production in 2025. Its plant in Thailand is already in production, and another plant in Indonesia will start production in the second quarter.

(Image credit: Neta)

Neta, a brand owned by Chinese electric vehicle (EV) maker Hozon Auto, will build its third overseas factory in Malaysia, upping its bet on the international market.

On January 12, Neta signed a deal with a Malaysian partner to jointly build its local factory, according to a press release.

A groundbreaking ceremony was held today for the plant, which is located in the Rembau Chembong Industrial Estate in Negeri Sembilan.

The plant is scheduled to start production in 2025, Neta said, without disclosing its planned capacity.

Neta has built a factory in Thailand, its first overseas, and has already started production. The company is also building a plant in Indonesia.

Neta announced its strategy to enter the Thai market in November 2021 and launched the right-hand drive version of the Neta V in August 2022 in the country.

On March 10, 2023, Neta started construction of its plant in Bangkok, Thailand, which has a capacity of 20,000 units per year.

At the end of November, the Thai plant was put into operation and is scheduled to launch mass production in the first quarter.

On July 26, Neta signed a memorandum of cooperation with its Indonesian partner PT Handal Indonesia Motor, and the two sides plan to start local production of Neta’s products in the second quarter of 2024.

In 2023, Neta’s overseas sales topped 20,000 units, a 567 percent increase year-on-year, according to the company.

Neta plans to accelerate its overseas expansion in 2024, bringing its presence to more than 50 countries.

The company aims to see the number of overseas channels to cross 500 in 2024 and launch at least four global models.

Neta also plans to accelerate factory planning and construction in Southeast Asia, Middle East and North Africa, Europe, and the Americas, adopting an innovative trading and localized manufacturing model to achieve overseas sales targets, it said.

Neta aims to transform itself into a global high-tech technology company by 2026 and reach 1 million sales in global markets, it said on October 30.

The company delivered 5,135 vehicles in December, down 34.12 percent year-on-year and down 58.94 percent from November, according to data it released earlier this month.

Neta delivered 127,496 vehicles in 2023, down 16.16 percent year-on-year, according to data compiled by CnEVPost.

Neta’s Thailand plant with 20,000 annual capacity goes into production

This article was originally published by a . Read the Original article here. .