Recently, NETA Automotive signed an agreement with its Malaysian partners to collaborate on establishing its third global overseas factory. The factory is scheduled to commence production in 2025, further strengthening NETA Automotive's influence in the Southeast Asian and global markets. The Chief Minister of Selangor, Mr. Amirudin witnessed and participated in the signing ceremony.
Malaysia, as an emerging economic entity, with its open economic policies and concrete measures supporting sustainable development, has become a fertile ground for the new energy vehicle industry. The national energy transition roadmap released by the Malaysian government in recent years and the introduction of tax incentives for the new energy vehicle industry provide development opportunities for companies like NETA Automotive.
Previously, NETA Automotive has already established production bases in Thailand and Indonesia. The eco-intelligent factory in Thailand commenced production at the end of November 2023 and plans to start large-scale production in the first quarter of 2024. In Indonesia, NETA Automotive is set to begin localized production in the second quarter of this year. The core objective of this series of expansions is to enhance the overseas delivery capability of products, meeting the growing demand in the global new energy vehicle market.
In 2023, NETA Automotive achieved a significant milestone with overseas sales exceeding 20,000 units, marking a 567% year-on-year growth. NETA Automotive plans to accelerate its global expansion in 2024, covering markets in over 50 countries, establishing a network of over 500 overseas channels, and introducing at least four global vehicle models. Additionally, NETA Automotive plans to expedite factory planning and construction in Southeast Asia, the Middle East and North Africa, Europe, and the Americas. It aims to utilize an innovative trade + localization manufacturing model to support the realization of overseas market sales targets.
