September 21, 2024 – Neta Automobile has announced a strategic partnership with Latin America’s largest investment bank, BTG Pactual, and Brazilian import trader Sertrading. According to Neta, the financial support of 1 billion Brazilian reais provided by BTG Pactual and Sertrading will be utilized for import services, charging infrastructure development, and other related areas in the Brazilian market.
The Chinese electric vehicle manufacturer has established its first South American subsidiary in Sao Paulo, Brazil, and plans to expand its dealership network to 30 locations by the end of the year. Additionally, Neta is actively pursuing the establishment of a KD assembly plant. As per the company’s plans, the first three models are set to arrive in Brazil during the third quarter.
Apart from Neta, other Chinese automakers that have entered the Brazilian market include BYD, Seres, and Great Wall Motors. Data from the Brazilian Electric Vehicle Association reveals that in July of this year, Brazil registered 15,312 electric vehicles, representing a month-on-month increase of 6.4% and a year-on-year surge of 105%. This figure marks the second-highest monthly sales in history, second only to December of last year, which recorded 16,279 units. Furthermore, the total number of electric vehicle registrations in Brazil for the first seven months of this year (94,616) has already surpassed the total registrations for the entire year of 2023 (93,927).
