NETA Auto, a vehicle marque under Chinese firm Hozon Auto, announced on September 15 that its global expansion has accelerated in the past few days. The firm’s NETA V right-hand drive model has now been launched in Nepal and delivered in batches, becoming the first new Chinese carmaker to enter the Nepalese market. On August 25, the vehicle model arrived in Thailand, while the brand’s first direct-sales store in the country opened at the beginning of this month.
The model has a length, width and height of 4070 mm, 1690 mm, and 1540 mm, with a wheelbase of 2420 mm. It adopts a dolphin streamline design and low wind resistance shape, equipped with a zero-button full-touch minimalist interior and a 14.6-inch intelligent central control large screen.
In terms of power, the right-hand drive version of the NETA V is equipped with a 70kW power motor, with maximum torque of 150 Nm. It can accelerate from 0 to 50 km/h in seconds, with a cruising range of 384 km under NEDC conditions. At the same time, the model is equipped with advanced thermostatic BMS with automatic heating and cooling functions, keeping the battery in optimal working condition in any climate.
In April 2022, NETA Auto established a cooperative relationship with CG Motors, a subsidiary of Chaudhary Group. In addition to the right-hand drive version of the NETA V, CG Motors will launch the NETA S and NETA U models in the future to meet market demand for new energy vehicles in Nepal.
On the other hand, NETA Auto’s Thailand subsidiary has now 25 authorized dealers in the country, covering Bangkok and nearby provinces, as well as major urban areas in Thailand. It is estimated that by the end of this year, its authorized dealers in Thailand will reach 30. In November of last year, NETA Auto also signed a cooperation framework agreement with the Petroleum Authority of Thailand (PTT) to lay out its charging service network in Thailand. At present, NETA Auto’s products can enjoy charging services at over 450 charging sites across Thailand.
In August, NETA Auto delivered 16,017 units, an increase of 142% year-on-year, ranking first in terms of the sales volume of Chinese new energy vehicle brands during the month. It also marked 26 consecutive months of year-on-year growth. From January to August this year, the firm delivered 93,185 cars, an increase of 176% year-on-year.
In July, NETA Auto announced that it had completed a round D3 of financing. The firm’s total D-round financing has now reached 10 billion yuan ($1.42 billion). According to public information, NETA Auto has completed 11 rounds of financing. Among its investors are many well-known companies, such as Qihoo 360 Technology, CATL, CITIC Securities, CCB International and local government industrial investment funds. While announcing its latest round of financing, NETA Auto also mentioned the company’s efforts to reform its shareholding system in preparation for a public listing.