Shanghai (ZXZC)- HOZON Auto, the Chinese startup owning the new energy vehicle (NEV) brand NETA, on Oct. 10 signed a strategic cooperation agreement with Grand Sirius Company Limited ("GSE") for its foray into Myanmar's electric vehicle market.

Per the agreement, HOZON Auto will join hands with the Myanmar-based company to introduce the international version of the NETA U and the NETA V, and relevant services into the local auto market.

Photo credit: HOZON Auto

HOZON Auto said Myanmar's government had released a slew of incentive policies to shore up the development of the local NEV market in recent years. Meanwhile, the hike in oil prices also boosted local consumers' demands for electric vehicles (EVs). Thus, Myanmar is of great potential to become an emerging NEV market.

As HOZON Auto's strategic partner, GSE will help the Chinese NEV startup provide Myanmar's consumers with industry-leading one-stop intelligent EV mobility services by leveraging its advantageous resources deployed in multiple core cities by its subsidiaries, and its operations that span such industries as automobile trade, car care, real estate, and media.

With an increasingly fast pace for overseas business expansion, HOZON Auto announced its foray into the auto markets of countries like Israel, Nepal, Laos, and the aforesaid Myanmar during the past two months. As of mid-Sept., the startup had received orders of over 5,200 vehicles from overseas markets.