Hong Kong to power global ambitions of Chinese mainland’s electric vehicle brand Neta

Demand for electric vehicles (EVs) has been growing exponentially around the world in recent years. This surge has come amid the increasing availability and affordability of models and heightened public awareness of the need to phase out fossil-fuel powered cars and trucks to help cut carbon emissions and curb global warming.

“Previously, there were concerns about the driving range of EVs and the convenience of charging,” says Zhang Qi, executive vice-president of Chinese EV maker Hozon Auto’s Intelligent Vehicle division, and assistant CEO of its affiliated car brand Neta Auto.

“But these issues have been overcome over the past few years, thanks to technological progress and infrastructure improvements. Additionally, the cost of using an EV, including maintenance expenses, is significantly lower compared with fossil-fuel vehicles.”

More than 10 million EVs were sold worldwide in 2022 – 14 per cent of all car sales – the International Energy Agency, a Paris-based autonomous intergovernmental organisation providing global energy sector analysis, reported last year. It also said more than 2.3 million electric cars were sold during last year’s first quarter, and estimated that up to 14 million EVs would be sold by the year’s end.

China has emerged as the leading global producer of EVs – accounting for more than half of all sales in 2022, with its market share expected to continue to increase. Hozon Auto, based in Shanghai, is determined to tap into this growth market.

After spending the past 10 years establishing itself as an emerging leader in the country’s new energy vehicle industry, it now hopes to turn itself into one of the top global EV makers through sales of Neta Auto’s flagship EVs. “In the next 10 years, the first thing we have to do is transform ourselves from being China’s Hozon to the world’s Neta,” Zhang says.