Thailand’s EV Brand Launches First Production with 20,000 Annual Capacity

• Sommana Yan
• 20 December 2023
• Uncategorized
• 2250 Views

Embarking on a significant milestone in its global growth strategy, Hozon Auto’s electric vehicle (EV) brand, Neta, commenced production at its inaugural overseas factory in Thailand on 30 November, exceeding initial expectations. The Thai facility, with an annual production capacity of 20,000 units, symbolizes Neta’s commitment to strengthening its foothold in right-hand drive markets. The factory’s primary assembly focuses on the Neta V-II model, known as Neta Aya in its domestic market, marking a pivotal step in addressing the rising demand for electric vehicles in Thailand and the broader ASEAN region, according to Carnewschina.com on 30 November 2023.

Carving a niche in Thailand’s EV landscape, Neta’s V-II model achieved notable success in the local market, securing its position as the second-best-selling EV model in the first three quarters of 2023, with sales reaching 9,294 units.  It trailed behind BYD’s Atto 3 during this period.

Recently, Thailand has become the most attractive destination for the Chinese electric car market, both for the import and domestic production markets, due to the Thai government’s vision of achieving 30% domestic production of zero-emissions vehicles by 2030.

Looking beyond the horizon, Neta envisions a dynamic future, targeting entry into 50 global markets in 2024, with aspirations to sell over 100,000 units internationally. The company has already made strides in expanding its footprint to Latin America and the Middle East, reflecting a strategic move towards comprehensive market coverage. As the world anticipates the evolution of sustainable transportation, Neta’s foray into new territories signals its commitment to providing cutting-edge EV solutions on a global scale, which is already taking place in Thailand.

• Business and Market
• Economy and Finance