Chinese EV start-up Hozon ramps up exports as it cashes in on popularity of Neta SUV in Southeast Asia

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Shanghai-based Hozon followed up exports of 3,600 cars in March with another batch of 4,000 units recently, according to a statement on its WeChat account

Hozon’s Neta V SUV had a 16.5 per cent market share in the segment in Thailand during the first four months of this year, according to Thai news portal AutoLife

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Hozon New Energy Automobile exported a batch of 4,000 electric cars recently, the Shanghai-based company said in a statement on its WeChat account. Photo: Weibo

Daniel Renin Shanghai

Published: 2:54pm, 7 Jun 2023

Hozon New Energy Automobile, which plans to soon launch an initial public offering (IPO) in Hong Kong, exported 4,000 electric vehicles (EVs) this quarter, highlighting the growing popularity of Chinese-made cars overseas.

Hozon’s export of the Neta-branded EVs follows a shipment of 3,600 units to Southeast Asia in late March, the Shanghai-based start-up said in a statement on its WeChat account on Tuesday.

Hozon did not reveal the destination for the 4,000 EVs, but said in the statement that Thailand had become its major target market as part of its global drive. It is also preparing to make inroads into European markets, the statement added.

“The [growing] export volumes represent a big leap forward for Chinese EV start-ups because their vehicles are gaining popularity in overseas markets like Thailand,” said Phate Zhang, the founder of Shanghai-based EV data provider CnEVpost. “It is advisable for Chinese EV makers to sell their products in Southeast Asia where Chinese-made electric cars are more affordable than foreign rivals.”

Hozon’s Neta V SUV is popular in Thailand. Photo: Weibo

Hozon’s domestic rivals, including Nio and Xpeng, started exports to Europe about two years ago, with small shipments of a few hundred units. Their current export volumes are still small.