Chinese new energy car company Hozon is the latest electric vehicle (EV) maker to choose Thailand as its manufacturing hub for Southeast Asia. The Zhejiang-based manufacturer signed an agreement with local auto company Bangchan General Assembly last week and will begin production of its model. Neta cross (that is Just introduced in Malaysia) in the Kingdom from next year, Thai government spokesman Tipanan Sirichana said through a statement.
According to the news reports, Tipanan added that the company plans to start offering all-electric vehicles. Neta U and Neta WILL model in the near future. No rollout timeline has been given, but it could align with the expected rollout schedule already specified for both models in Malaysia.
It was reported earlier that U SUV will debut here in the second quarter of next year, while the S sedan is targeted for a Q1 2025 launch in Malaysia. Neta models sold here in the future will be assembled locally, by a subsidiary of GoAuto Introducing Synergy said it will together with partners invest around RM300 million to develop sales and after-sales network as well as a production plant.
Other Chinese automakers such as BYD and Great Wall Motors have also invested in factories in Thailand as demand from domestic consumers grows. Last month, it was reported that Changan Auto would invest $285 million (RM 1.27 billion) to set up a production facility in Thailand.
Last year, Thailand became the first country in the region to provide cash subsidies for imported passenger electric vehicles. Imported all-electric models are also exempt from most import duties and excise duties until the end of 2023 – carmakers looking to continue to benefit from these subsidies will must start producing their cars in the country starting in 2024.
LIBRARY: Neta V EV crossover, launched in Malaysia