China's EV competition challenges Thailand's local production targets
Neta, among the earliest Chinese EV brands to enter Thailand in 2022, is an example of a struggling carmaker finding it difficult to meet the requirements of a demanding government incentive programme meant to boost Thai EV production.
Under the scheme, carmakers are exempt from import duties, but were obligated to match import volumes with domestic production in 2024.
Citing slowing sales and tightening credit conditions, carmakers asked the government to adjust the scheme and the 2024 production shortfall was rolled over into this year.
Neta said it cannot produce the required number of cars locally and the government has withheld some payments to the EV maker, said excise department official Panupong Sriket, who received a complaint filed last month by 18 Neta dealers in Thailand seeking to recover more than 200 million baht (R109,637,815) of allegedly unpaid debt.
The complaint, a copy of which was reviewed by Reuters, also detailed missed payments by Neta related to promised support for building showrooms and after-sales service.
'I stopped ordering more cars in September because I sensed something was wrong,' said Neta dealership owner Saravut Khunpitiluck.
'I'm suing them.'
Neta's parent company, Zhejiang Hozon New Energy Automobile, entered bankruptcy proceedings in China last month, according to state media.
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The Citizen
a day ago
- The Citizen
Chery Tiggo 7 plug-in hybrid ready to shock the SUV segment
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ALSO READ: Hybrid warfare as Chery Tiggo 7 takes swipe at Jaecoo J7 Performance-like power Apart from the price, the standout feature of the PHEV model is its power outputs. Numbers so impressive that it will qualify as a performance offering in many other stables. The manufacturer's familiar 1.5-litre turbo petrol engine teams up with an 18.3kWh battery hooked up to a single electric motor to form the CSH setup. Together they produce a total of 265kW of power and 530Nm of torque. This is a significant power bump from the 145kW/290Nm produced by the 1.6-litre blown mill model. Even better than the extra oomph is the difference the single-speed Dedicated Hybrid Transmission (DHT) makes compared to any other gearbox Chery has to offer. The DHT means the typical Chinese throttle calibration issues are all out the window, with the power delivery being buttery smooth. The steering is a bit light, but still better than what the Tiggo Cross hybrid feels like. 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The Citizen
a day ago
- The Citizen
Returning MG means business with ‘simplified' range-topping HS
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Conclusion As much as it doesn't set a new benchmark for premium Chinese SUVs, the MG HS is an honest entrant that doesn't do anything spectacularly good, nor untowardly bad. Comparable to the GAC Emkoo, it doesn't go overboard on the tech front and makes being an uncomplicated, well-equipped and practical SUV its main focus points. Priced at R534 900, or R499 900 in the case of the Comfort that loses a few nice-to-haves, the HS 1.5T Luxury represents a compelling buy in a fiercely competitive segment. However, an unproven track record of the 'new MG' and safe bet of other legacy or proven Chinese brands could well relegate it to a niche player. As such, only time will tell. NOW READ: Prices revealed as MG officially relaunches in South Africa
IOL News
2 days ago
- IOL News
AngloGold Ashanti reports record profits and strong share price growth
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