Neta Auto and BBVA team up to target EV market in Q4 2024

Amid the booming global electric vehicle industry, Chinese electric vehicle brand Nezha Automobile announced through social media its plans for expansion into the Mexican market. On September 10th, Nezha Automobile officially entered the Mexican market by signing cooperation agreements with the Mexican bank BBVA, the Mexican Electric Vehicle Association (EMA), and several local dealerships.

The collaboration with BBVA Mexico is of milestone significance. As the second largest investment banking group in Latin America, BBVA holds a leadership position in the automotive financing sector in Mexico. This partnership will offer Mexican users flexible and competitive financing options, further promoting Nezha Automobile’s development in the Mexican market. Mr. Zhou Jiang, Vice President and President of International Business at Nezha Automobile, stated, “Mexico is a key market in our growth strategy…” Nezha Automobile plans to launch its flagship products in the Mexican market in the fourth quarter of 2024 and continue to accelerate its expansion in Central and South America.

Mexico, as a crucial part of the North American Free Trade Agreement (NAFTA), possesses a vast automotive consumer market and a well-established automotive industry chain. The entry of Nezha Automobile into Mexico is set to bring advanced smart electric vehicle products and explore the limitless possibilities of the new energy vehicle market with local partners. In recent years, the Mexican government has placed a high emphasis on the development of the new energy vehicle industry, implementing a series of encouraging policies including purchase subsidies, tax incentives, and subsidies for building charging infrastructure, which have significantly supported the rapid growth of the new energy vehicle market.

Nezha Automobile’s globalization strategy is already showing signs of success. In the first six months of this year, the export volume of Nezha Automobile’s new energy vehicles saw a 154% year-on-year increase, reaching 17,687 units. Nezha Automobile plans to enter 50 countries and open 500 stores by 2025. This ambitious goal reflects the company’s confidence and strength and indicates that Nezha Automobile is poised to transform from “China’s NETA” into “World NETA,” shining on the international stage.

Nezha Automobile’s strategy to venture overseas is an inevitable choice in search of new growth drivers against the backdrop of intense competition in the domestic market. With the successful completion of the signing ceremony, Nezha Automobile is expected to establish its brand image in Mexico and the broader South American market, contributing Chinese wisdom and strength to the development of the global new energy vehicle industry.

Picture Source: Neta Auto official Weibo

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