Neta Auto Opens First Flagship Store in Kenya

Neta Auto Launches Flagship Outlet in Kenya: A New Horizon in African Market

On 27th June, Neta Auto made a big move into the African market by opening its first flagship store in Nairobi, Kenya. This is Neta Auto’s initial outlet on the continent and heralds a new era of competition in right-hand drive (RHD) vehicles market.

Kenya: A Strategic Choice

Kenya has had stable economic growth in recent years with an expanding middle-class that can now afford to buy cars. Users’ awareness about new energy and environmental conservation concepts has improved under local policies and this makes the future market outlook for new energy vehicles to be promising. Besides, Kenya is a major hub along the belt and road initiative route connecting south, central, and East Africa: hence making it a natural point for Neta Auto to enhance collaboration with various African countries towards faster global expansion.

Neta Auto's Globalization Blueprint

Neta Auto remains committed to its overseas approach “deepen ASEAN; seize the beachhead in South America; develop Middle East and Africa”. The company’s plans are such that within the two years it will have established operations in 20 African nations and opened 100 stores over three years with the capacity for annual sales of more than 20,000 units. This will enable them establish comprehensive regional after-sales networks throughout Africa.

Additionally, Neta Auto currently has three smart ecosystem factories located in Thailand, Malaysia, and Indonesia respectively which have performed impressively in exports.

Solid Global Performance

On June 26th, Neta Auto’s parent company; Hozon New Energy officially applied for listing at Hong Kong Stock Exchange with its prospectus citing overseas performance about Neta Auto. Neta Auto’s overseas earnings were CNY 1.62bn in 2023, accounting for 12% of the total revenue. The carmaker exported over 20,000 vehicles abroad during this period showing YoY growth of 567%; thus, its overseas sales ranked amongst top five new energy cars exporting firms as they comprised 15.7% of overall volume sales. The IAA Small Pure Electric Cars Market Southeast Asian Insured Series Neta had insured volumes number one position in 2023 with around 52% market share according to prospectus.

Neta Auto’s export volume between January and May this year reached 16, 400 units, which is almost equal to last year’s overall overseas sales and as a result it ranked fifth among original equipment manufacturers by NEV exports volume.