NETA Auto signs MOU with HKSTP, establishing international headquarters in Hong Kong

2 September 2023

NETA Auto and the Hong Kong Science & Technology Parks Corporation (HKSTP) have officially signed a Memorandum of Understanding (MOU) in Hong Kong, marking a significant milestone in their collaboration. The ceremony saw the participation of key figures, including Evonne Ching, Chief Investment Officer of NETA Auto, and Albert WONG Hak-keung, CEO of HKSTP, who put their signatures on the MOU. The event was also witnessed by prominent individuals such as Sun Dong, Hong Kong's Secretary for Innovation, Technology, and Industry, and Sunny Chai Ngai Chiu, Chairman of HKSTP, among others.

NETA Auto, as an electric vehicle (EV) startup, is riding the wave of China's burgeoning new energy sector. Guided by its founding principle of "making intelligent EVs for all" and its core value of "tech for all," the company is committed to delivering high-quality intelligent EVs that are accessible to a wide range of consumers. Its product lineup spans various EV categories, from A0-class to B+-class cars. NETA Auto is also at the forefront of innovation with technologies like the Shanhai Platform, Tiangong Battery, and HOZON Intelligent Technology 2.0, which underscore its forward-looking technology ecosystem. Additionally, the company is accelerating its global expansion strategy, having entered markets in ASEAN, South America, and the Middle East, boasting a user base of over 320,000 globally.

Fang Yunzhou, founder and chairman of NETA Auto, emphasized the company's role as a significant driver of China's automotive sector. He noted that NETA will collaborate with the Hong Kong government under the MOU to support China's strategic emerging industries and promote Chinese-made new-energy vehicles on the global stage.

As NETA Auto evolves in terms of products, technology, and international presence, it is entering a new phase of global development, with Hong Kong as its primary gateway to enhance international cooperation. Under the MOU, the company will leverage Hong Kong's status as an international business hub to unlock its investment potential and integrate into global value chains. It is also committed to expanding its global footprint.

Sun Dong commented on the significance of the new-energy vehicle sector in connecting various segments across the industrial chain, attracting cutting-edge technology R&D projects. He reiterated the Hong Kong government's dedication to transforming Hong Kong into an international innovation and technology center with a focus on high-quality development and new industrialization.

As part of the MOU, NETA Auto will establish an international headquarters at HKSTP and invest approximately RMB 3.2 billion over five years. This investment will be allocated to the construction of an intelligent R&D center and a big data center spanning over 40,000 square feet. The company plans to hire around 600 R&D staff to bolster its innovation capabilities. Additionally, NETA Auto is seeking a US$200 million equity investment. HKSTP, with its extensive experience, extensive network of researchers and technology firms, and a thriving innovation ecosystem, is well-positioned to drive business growth for NETA Auto.

The partnership signifies a significant transformation for NETA Auto, transitioning from a Chinese car manufacturer to a global tech company. It also aims to elevate the global stature of Chinese auto brands and enhance the global impact of China's automotive industry in the realms of intelligence and new energy.