Neta has signed partnership agreements with BBVA Mexico, Mexico's largest financial institution, an EV association, and local dealers.

Neta Auto, a brand owned by Chinese electric vehicle (EV) company Hozon Auto, has struck multiple partnerships in Mexico in preparation for its entry into the local market in the fourth quarter.

On September 10, the company signed a partnership agreement with BBVA Mexico, Mexico's largest financial institution, which is also the second largest investment and financial group in Latin America, according to a statement yesterday.

Under the partnership, Neta's users in Mexico will have access to flexible and competitive financing options, according to the statement.

On the same day, Neta also signed a partnership agreement with the Mexican Electric Mobility Association (EMA) and multiple local dealers.

Neta will enter the Mexican market in the fourth quarter of this year, it said.

The company will accelerate its expansion in the Central and South American markets, with operations now covering Brazil, Ecuador, and Costa Rica, it said.

In Mexico, Neta hosted its first local investment meeting and media conference on February 22, marking the beginning of its expansion into the country.

Hozon was founded in October 2014 and in April 2017 was approved by China's economic planner, the National Development and Reform Commission (NDRC), for vehicle production.

The company operates the Neta brand and sells models in China, including the Neta X, Neta GT, Neta S, Neta Aya, and Neta L, targeting a price range of RMB 100,000 ($14,040) to RMB 200,000 yuan.

Neta delivered 11,005 vehicles in August, down 9.07 percent year-on-year and essentially flat from 11,015 in August, according to figures it announced in early September.

So far this year, Neta has delivered 75,790 vehicles, down 10.37 percent from a year earlier.

At the end of August, Neta had delivered 451,335 vehicles since its inception.

($1 = RMB 7.1201)

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