On January 9th, Neta Auto officially made its debut at the Singapore Motor Show and officially announced the Neta X and Neta AYA models in Singapore. At the event, Neta confirmed they have already received 52 orders.Β
According to Neta, the Neta X and Neta AYA have completed local certification under Singaporeβs NEV standards and a new storefront will be opening in the near future. Neta executive Sun Guang, VP of Netaβs overseas division, stated that Singapore is a key market for the company. Neta believes the city-state serves as a hub for the Southeast Asia economy and believes in the growth of the Singaporean NEV market.
Neta X is a compact SUV while the Neta AYA is a smaller subcompact SUV that was most recently updated in 2023. Both the Neta X and Neta AYA are also being sold in Thailand, Indonesia, and Malaysia. Neta has production centers in Thailand and Indonesia, in addition to China, producing the Neta X and Neta AYA.
This announcement comes off the heels of negative rumors around store closures and website outages. On January 6th, Netaβs website experienced a flash crash. The website was subsequently repaired as normal, but adds to the negative news surrounding the company. Neta has reportedly begun restructuring its directly operated stores in China and is looking to retain dealer stores to reduce operating costs.Β
It has been reported in November that Neta had decreased production in its Zhejiang factory and cut salaries as sales performance declined in China. The EV maker stopped publishing its sales numbers in October and had only delivered 53,853 units from January to September 2024, more than 30% less of its 2024 sales goal.
Netaβs CEO, Zhang Yong (also known as Daniel Zhang), stepped down in December 2024 amid the companyβs difficulties. The companyβs founder, Fang Yunzhou, assumed the CEO position. Fang emphasized Netaβs overseas presence as a highlight and aims for half of future sales to come from foreign markets.Β
Netaβs Singapore debut marks a continuation of Fangβs turnaround plan for the company. Neta has a strong overseas presence already having entered markets in Central Asia, Southeast Asia, Latin America, and South Africa. Neta is also looking to the European and Australian markets for additional growth.
Sources: ITHome
