It made it the largest single export in Neta's history. The company ranked second in the Thai EV market in sales in February 2023.
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Category: Neta
Neta sending 3,600 EVs to Thailand
This is the largest single export to date for the new Chinese carmaker. The Neta V has already accumulated over 2,000 deliveries in Thailand.
(Image credit: Neta)
Chinese electric vehicle (EV) maker Neta Automobile is sending thousands of EVs to Thailand as it ramps up its efforts in Southeast Asia.
On March 21, 3,600 Neta V EVs began shipping at Guangzhou's Nansha port, the largest single export to date by a new Chinese carmaker, Neta said in a press release today.
The vehicles will be shipped to Thailand, where Neta V has already accumulated more than 2,000 deliveries and ranked second on the list of pure electric model license plate registrations for 2 consecutive months, Neta said.
Neta announced the launch of the right-hand-drive version of the Neta V at a launch event in Thailand on August 24, 2022, as its first model offered there.
Neta said at the time that it had 25 authorized dealers in Thailand and that number would reach 30 by the end of 2022. Its press release today did not mention the company's latest number of dealers in Thailand.
To date, Neta has established a European division, a Thai subsidiary, launched three overseas products including Neta U global version, Neta V global version and Neta V right-hand drive version, and has a presence overseas across ASEAN, South Asia and Middle East markets, it said.
Neta currently sells the Neta V, Neta U-II and Neta S in China, which start at RMB 83,900 ($12,190), 135,800 and 242,800 respectively.
The company delivered 7,117 vehicles in February, up 255 percent from a year earlier, but down 35 percent from 11,009 units in January, data released by the company earlier in the month showed.
On March 10, Neta laid the groundbreaking for its plant in Bangkok, Thailand, which will be its main manufacturing base for building right-hand drive electric vehicles for export to ASEAN.
The plant is Neta's first overseas factory and the first in Thailand for a new Chinese carmaker.
When completed, the plant will have a capacity of 20,000 units per year and is expected to be operational by the end of January 2024, Neta said earlier this month.
Neta plans to expand its overseas operations to more regions including the Middle East and the European Union, making it a brand that consumers around the world recognize and trust, company co-founder and CEO Zhang Yong said at the groundbreaking ceremony for the Thai plant.
As competition in China's EV market grows fiercer, many local car companies have stepped up efforts to expand into overseas markets.
Neta's latest export is the ninth batch of NEVs to be exported from Guangzhou's Nansha Free Trade Pilot Zone this year, according to a report by state-owned CCTV today.
So far this year, the Nansha pilot zone has exported 7,251 NEVs, up more than 33 times year-on-year, according to the report.
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China NEV insurance registrations for week ending Mar 19: BYD 38,414, Tesla 18,712, NIO 1,775
Insurance registrations for China's NEVs were 113,000 last week, up from 108,000 the week before.
Insurance registrations for new energy vehicles (NEVs) in China increased last week compared to the previous week, with a mixed performance from major EV makers.
From March 13 to March 19, insurance registrations for all passenger vehicles in China were 321,000 units, up from 308,000 units the previous week, according to figures shared by several car bloggers on Weibo.
Insurance registrations for NEVs were 113,000 last week, up from 108,000 the week before.
BYD (OTCMKTS: BYDDY) vehicles continued to see the most insurance registrations, with 38,414 last week, up from 37,141 the previous week.
Tesla (NASDAQ: TSLA) vehicles saw 18,712 insurance registrations last week, up from 17,032 the week before.
NIO was 1,775 vehicles last week, down from 2,170 the week before.
NIO guided for first-quarter deliveries between 31,000 and 33,000 units earlier this month, meaning March deliveries are expected to be between 10,337 and 12,337 units.
The company's insurance registrations for the first week of March, which included February 27 and February 28, were 3,345 units.
Li Auto (NASDAQ: LI) vehicles registered 5,438 insurance units last week, up from 4,243 the previous week.
XPeng (NYSE: XPEV) had 1,296 vehicles last week, down from 1,635 the week before.
Zeekr posted 914 units last week, down from 1,043 units the previous week.
China NEV insurance registrations for week ending Mar 12: BYD 37,141, Tesla 17,032, NIO 2,170
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More Chinese EV makers promise no price cuts as price war intensifies consumer wait-and-see sentiment
EV makers including Leapmotor, Neta and Denza have all introduced 90-day price protection policies.
(Image credit: Neta)
As the auto price war in China continues, some electric vehicle (EV) makers are beginning to make it clear that they will not cut prices in an attempt to dispel the wait-and-see sentiment of potential consumers.
EV makers including Leapmotor, Neta and Denza have all introduced price protection policies, after Li Auto (NASDAQ: LI) introduced a similar policy and NIO (NYSE: NIO) made it clear that the company would not cut prices.
Leapmotor announced yesterday that for consumers who purchase any of its models during this month, they will get the difference back if the price drops within 90 days or if the company offers additional cash discounts.
This is in line with a policy introduced earlier this week by Li Auto, whose salespeople said it was designed to make clear to consumers that its models would not be reduced in price.
Neta, Hozon Auto's EV brand, announced today that consumers who order its flagship sedan, the Neta S, by April 30 will not have to worry about the model's price dropping within 90 days.
If the price of the model drops within 90 days of the consumer's purchase, Neta will refund the difference.
Notably, along with the announcement of the price protection policy, Neta began offering an RMB 23,000 ($3,340) discount for the lowest-priced model of the Neta S, bringing the model's starting price down to RMB 179,800 from the previous RMB 202,800, valid until the end of April 30.
Neta models on sale also include the Neta V and Neta U, which start at less than RMB 150,000 and are not covered by its price protection policy.
Denza, BYD's premium brand, announced that if consumers who purchase its vehicles during the month see a drop in official guide prices will receive a rebate for the difference.
Geely Auto and Volvo Car's jointly held Lynk & Co brand also began offering a 90-day price protection policy that expires on April 30.
The increasing number of car companies joining the price war has led to an increased wait-and-see mood among consumers to avoid seeing price cuts soon after purchasing a car.
An NIO executive said yesterday that they noticed Li Auto's move and the company had considered whether to issue a similar policy.
But for NIO, it has previously made it clear that prices will not be lowered, the company's assistant vice president of sales operations Pu Yang said at a media event yesterday, adding that NIO is not only not cutting prices for 90 days, but prices will not change for a longer period of time.
(1 $= RMB 6.8843)
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China NEV insurance registrations for week ending Mar 12: BYD 37,141, Tesla 17,032, NIO 2,170
This article is being updated, please refresh later for more content.
Tesla's insurance registrations last week in China were higher than the previous week's 13,266, while NIO's were lower than the previous week's 3,345.
BYD's new energy vehicles (NEVs) saw 37,141 insurance registrations in China for the week ending March 12, lower than the previous week's 38,932, according to numbers shared today by auto blogger @一路向北BYD.
Tesla vehicles saw 17,032 insurance registrations in China last week, higher than the previous week's 13,266.
NIO was 2,170 last week, down from 3,345 the week before.
Li Auto registered 4,243 units last week, up from 3,222 units the previous week.
XPeng was 1,635 units last week, up from 1,421 units the week before.
BYD's premium brand Denza vehicles saw 1,853 insurance registrations last week, up from 1,808 the week before.
Zeekr was 1,043 units last week, down from 1,814 units the week before.
BMW's NEVs registered 1,486 insurance units in China last week, down from 1,663 units the week before.
The past week has seen a rare price war in China's auto industry involving not only NEV makers, but traditional internal combustion engine automakers as well.
Rumors surfaced last week that BMW dealers were offering a massive subsidy for the all-electric BMW i3 in China, and that consumers who pay full price for the car can even get the model for RMB 120,000 to 180,000, less than half the retail price.
BMW insiders denied this, but sources at BMW dealers said they are indeed offering discounts, and that these measures were only introduced this month, local media Cailian reported last week.
For the BMW i3 eDrive35 L, which currently has a guide price of RMB 353,900, the price after discounts is RMB 248,000, the report said, citing BMW dealership sources.
Consumers will also receive an additional RMB 6,000 subsidy if they trade in their vehicles, the source said.
The increasing number of car companies joining the price war has led to increased consumer wait-and-see sentiment to avoid seeing price reductions shortly after purchasing a car.
Li Auto has introduced a consumer purchase price protection benefit that covers all of the company's currently available models -- Li L7, Li L8, Li L9.
For consumers who purchase these models, if the prices drops within 90 days of their order, then Li Auto will refund the difference.
The policy, which is available to consumers when they purchase the Li L7, Li L8, and Li L9, is primarily intended to make clear to them that Li Auto will not drop the prices, local media outlet The Paper said earlier today, citing salespeople from the company.
China NEV insurance registrations for week ending Mar 5: BYD 38,932, Tesla 13,266, NIO 3,345
Weekly NEV insurance registrations in China in 2023
| Wk | BYD | Tesla | NIO | XPeng | Li Auto | BMW | Zeekr | Neta | Leapmotor | NEV | NEV+ICE |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 03/06-03/12 | 37,141 | 17,032 | 2,170 | 1,635 | 4,243 | 1,486 | 1,043 | 988 | |||
| 02/27-03/05 | 38,932 | 13,266 | 3,345 | 1,421 | 3,222 | 1,663 | 1,814 | 4,109 | 515 | 116,238 | 345,340 |
| 02/20-02/26 | 39,473 | 10,705 | 3,357 | 1,685 | 5,387 | 1,792 | 1,855 | 2,152 | 401 | 111,983 | 331,238 |
| 02/13-02/19 | 37,026 | 5,913 | 3,174 | 1,463 | 4,238 | 2,271 | 1,443 | 1,038 | 329 | 100,408 | 303,101 |
| 02/06-02/12 | 31,417 | 6,963 | 3,045 | 1,396 | 4,062 | 682 | 547 | 1,170 | NA | 85,572 | 280,741 |
| 01/30-02/05 | 24,280 | 8,643 | 1,948 | 975 | 2,240 | 593 | 554 | 3,964 | 114 | 69,692 | 267,843 |
| 01/23-01/29 | 5,280 | 3,356 | 427 | 210 | 990 | NA | 89 | NA | NA | 17,945 | 92,600 |
| 01/16-01/22 | 24,708 | 7,496 | 3,008 | 1,068 | 4,903 | NA | 657 | NA | NA | 67,500 | 330,400 |
| 01/09-01/15 | 40,420 | 12,654 | 2,963 | 1,817 | 4,527 | 2,687 | 1,359 | 420 | 237 | 99,041 | 438,000 |
| 01/02-01/08 | 35,924 | 2,110 | 2,818 | 1,551 | 3,704 | 2,103 | 1,511 | 238 | 80 | 77,000 | 290,000 |
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Neta starts construction of its first overseas plant in Thailand, with planned annual capacity of 20,000 units
Neta is building the electric vehicle assembly site with Thailand's BGAC and expects it to start production by the end of January 2024.
(Rendering of Neta's Thailand plant)
Neta, a brand owned by Chinese electric vehicle (EV) company Hozon Auto, has started construction of its first overseas factory in Thailand, having brought its vehicles to the Southeast Asian country last year.
Neta laid the groundbreaking for its plant in Bangkok, Thailand, on March 10, which will be its main manufacturing base for right-hand drive EVs for export to ASEAN, the company said today.
The plant is Neta's first overseas factory and the first in Thailand for a new Chinese carmaker.
When completed, the plant will have a capacity of 20,000 units per year and is expected to be operational by the end of January 2024, Neta said.
Neta has signed a cooperation agreement with Thailand's BGAC to jointly build the EV assembly site.
Neta plans to expand its overseas business to more regions including the Middle East and the European Union, making it a brand recognized and trusted by consumers around the world, said Zhang Yong, the company's co-founder and CEO, at a groundbreaking ceremony.
Neta is currently targeting mainly the budget EV market, with the Neta V and Neta U priced at around RMB 100,000 ($14,380) to RMB 150,000 in China.
On July 31, 2022, Neta officially launched its flagship sedan Neta S, targeting the RMB 200,000 to 300,000 market.
On August 24, 2022, Neta announced the launch of the right-hand drive version of the Neta V EV at a launch event in Thailand, as its first model to be offered there.
Neta said at the time that it already had 25 authorized dealers in Thailand, covering major Thai cities including Bangkok and those from surrounding provinces.
Neta delivered 10,073 units in February, up 41.53 percent from 7,117 units a year earlier and 67.44 percent from 6,016 units in January, according to figures the company announced on March 1.
On February 28, Neta announced that close to 100 units of the Neta U and Neta V were shipped to Jordan, the company's first exports to the Middle Eastern market.
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China’s MIIT Unveils Neta GT: a two-door pure electric sports car
Neta has slapped the GT badgee on its 456 hp pure electric sports car.
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Chinese NEV insurance registrations for week ending Mar 5: BYD 38,932, Tesla 13,266, NIO 3,345
NIO vehicles registered 3,345 insurance units last week, down slightly from 3,357 the week before.
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Neta delivers 10,073 vehicles in Feb; enters Jordanian market
Neta's flagship sedan, the Neta S, saw 2,048 deliveries in February, up 35 percent from 1,517 units in January.
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China NEV insurance registrations for week ending Feb 26: BYD 39,473, Tesla 10,705, NIO 3,357
Vehicle insurance registrations for many NEV companies continued to rebound last week, with Tesla registering significant growth.
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