Chinese battery electric vehicle (BEV) manufacturer Hozon Auto said it had signed up several dealers in Mexico ahead of its planned market entry later this year.
The Shanghai based automaker, which sells BEVs under the Neta brand, has stepped up its overseas expansion in the last year to help offset a sharp slowdown in domestic sales as competition from other domestic automakers continues to intensify.
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The company is targeting 100,000 sales globally in 2024 after its deliveries fell by 25% to 69,400 units in the first eight months of the year. Exports surged by 154% to 17,700 vehicles in the first half of the year, however.
The company aims to have a presence in 50 markets by the end of 2025 and is looking to enter other countries in Latin America in the next few months. It completed its first overseas plant at the end of last year, in Thailand.
Hozon also said it had signed an agreement with BBVA, Mexican’s largest bank, and also joined the Mexican Electric Mobility Association, after it held an investment promotion event in the country earlier in the year.
CEO Zhang Yong said in a statement the company is ready to enter Mexico with plans to introduce several flagship models from the fourth quarter of the year.
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By GlobalData
