Neta Auto made a significant announcement at the Singapore auto show today, unveiling the official launch of the Neta X and Neta Aya in the city-state. The Chinese electric vehicle (EV) manufacturer revealed that it had already secured 52 orders for the new models during the morning session of the event.
Both the Neta X and Neta Aya have successfully completed certification to Singapore’s new energy vehicle (NEV) localization standard. Additionally, Neta disclosed plans to open new stores in Singapore in the near future, further expanding its presence in the region.
Singapore holds a pivotal position in the Southeast Asian car market, making Neta’s move a strategic one in its Southeast Asian market strategy. This development marks an important step for Neta as it continues to strengthen its foothold in the region.
Despite facing operational challenges in China, Neta remains committed to its overseas market expansion. In November, the company underwent significant layoffs in a bid to streamline operations. To support its operations, Neta’s parent company, Hozon Auto, entered into a strategic partnership with Guangxi’s Nanning Industrial Investment Group to provide supply chain financial support.
As part of its restructuring efforts, Neta is reportedly downsizing directly operated stores while retaining dealer outlets. The company aims to focus on sustainable operations of key models in the domestic market, with a goal of achieving positive operating cash flow by February 2025.
The launch of the Neta X and Neta Aya in Singapore signifies a new chapter for the EV manufacturer as it continues to navigate challenges in the industry. With a strong focus on overseas market expansion and operational efficiency, Neta is positioning itself for long-term success in the global electric vehicle market.
