Chinese New Energy Vehicle Firm NETA Auto Enters Myanmar

NETA Auto, a new energy vehicle brand under Chinese firm Hozon Auto, signed a strategic cooperation agreement with Myanmar Grand Sirius Company Limited (GSE) on October 10, marking its official entrance into the Southeast Asian country. The move also made it the first new-generation Chinese car manufacturer to enter Myanmar. Under the deal, NETA Auto will join hands with GSE to launch new smart electric car products and services, such as the NETA U and NETA V.

NETA Auto is expanding its global exploration. In August, the NETA V right-hand drive edition was released in Thailand. The company then signed a comprehensive strategic cooperation agreement with PTT Public Company Limited (PTT), the largest petrochemical manufacturer and trader in Thailand, under which both parties will work together to deepen the country’s new energy market.

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In just two months, NETA Auto has entered overseas markets such as Israel, Nepal and Laos. On September 15, the right-hand drive version of the NETA V was delivered to Nepal in batches. On September 18, the NETA U International Edition entered Southeast Asia with a release in Laos. The firm announced the establishment of strategic cooperation with Keo Group, a well-known vehicle dealer in Laos. On September 28, it announced its entry into the Israeli market with the signing of a strategic cooperation agreement with Blilious Group, a leading Israeli dealer. By mid-September, NETA’s overseas orders had exceeded 5,200 vehicles, and the number of overseas channels had grown to 30.

In China, the latest data show that NETA Auto continued its “dark horse” momentum in September, once again becoming the monthly sales champion with a delivery of 18,000 vehicles, marking year-on-year growth of 134%. In the first three quarters of this year, the cumulative sales volume of NETA Automobile was about 111,000 vehicles, an increase of 168% year-on-year, and it became the first new-generation Chinese automaker to exceed 100,000 vehicles in 2022.

In addition to angel-round and A-round financing, NETA Auto has completed eight rounds of financing so far. In July this year, it announced the completion of round D3 financing exceeding 3 billion yuan ($416.6 million), which has been used for follow-up product R&D, technological innovation, factory expansion, and as supplementary working funds. With this latest round of investment, NETA Automobile has completed cumulative financing of over 17 billion yuan.