Neta aims to transform itself into a global high-tech technology company and reach one million sales in global markets by 2026.
(Image credit: Neta)
Neta Auto, the electric vehicle (EV) brand of Chinese company Hozon Auto, is entering the Turkish and UAE markets to pave the way for its goal of reaching 1 million sales globally by 2026.
Neta began shipping the first overseas versions of the Neta U crossover to Turkey on October 29, marking the first time the model is being exported outside of China, according to a company press release today.
This is the first time Neta has announced its efforts to expand into the Turkish market, saying that in Turkey, which straddles the Asian and European continents, the Neta U will be the spearhead of Neta's efforts to expand into Asia and make inroads into the European market.
Neta aims to transform itself into a global high-tech technology company and achieve 1 million sales in the global market by 2026, it said.
The shipment of the overseas version of the Neta U to Turkey is an important step towards this goal for Neta, it said, adding that more of its models, including the Neta X and Neta GT, will also enter overseas markets.
(Overseas version of the Neta U)
Neta delivered 152,073 vehicles in 2022, data monitored by CnEVPost showed. In the January-September period of this year, Neta delivered 97,770 EVs, including 13,211 vehicles in September.
Meanwhile, Neta also announced today that it signed a strategic partnership agreement with United Arab Emirates' EIH Automotive &Trading on October 27 in Shanghai, where it is headquartered.
Neta will bring a number of its main-selling models to the UAE in 2024, opening a new chapter for the company in the Middle East, it said.
EIH Automotive &Trading, which has a royal background, will be Neta's first strategic dealer in the UAE, accelerating the entry of the company's EVs into the Middle East, it said.
Earlier this month, China Daily reported that Neta will open a research and development center and assembly plant at the newly built Smart and Autonomous Vehicle Industry (SAVI) cluster in Abu Dhabi, UAE.
Neta is one of the earliest established new car-making forces in China and one of the most aggressive in entering overseas markets, announcing in September 2021 that it would enter the ASEAN EV market.
On March 10 this year, Neta laid the groundbreaking for its plant in Bangkok, Thailand, which will be its main manufacturing base for building right-hand drive EVs for export to ASEAN, the company said at the time.
Upon completion, the plant will have a capacity of 20,000 units per year and is expected to start production by the end of January 2024, Neta previously said.
Currently, Neta has planned seven products for overseas markets, including sedans, SUVs and touring models, which can cover the mainstream segments from A to E class, the company said today.
At the same time, Neta is developing left- and right-hand drive models that can be sold in more than 60 overseas markets, it said.
Neta announces closing of nearly $1 billion in new financing
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