[ UPDATE 15/8/2023 19:54 ] The distributor of Neta in Malaysia, Intro Synergy has denied that the price of Neta V has been reduced. The company said that it will announce a new price tag for the EV next month.
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Neta V made its way into Malaysia as the most affordable electric vehicle in the market, thanks to its sub-RM100k which was further boosted by an additional RM10,000 rebate for the first 100 adopters. However, it seems that the price of the EV has since been revised to be much lower.
According to the photo shared by Facebook user Nicolas Koo on the Malaysian Electric Vehicle Owners Club (MyEVOC) Facebook group, the Neta V is now priced at RM79,800 on-the-road (OTR) not inclusive of insurance. Prior to this, the Neta V has an OTR price tag of RM99,800 which is still being displayed on Neta Malaysia’s website.
Nicolas said that these photos were captured at Sutera Mall in Skudai, Johor which hosted an auto fair last weekend. Upon digging further, it turned out that the RM79,800 price tag is also visible in one of the photos published on Sutera Mall’s official Facebook page:
Not only that, we have also discovered a promotional poster by Ang Trading & Motor Credit, a well-known multi-brand dealer based in Johor which further confirmed the new sub-RM80k OTR price:
Neta V quick specs
In Malaysia, the Neta V is available only in a single variant which comes with a 70kW (94hp) electric motor that also produces 150Nm of torque. With a top speed of 120km/h, the EV can go from 0 to 50km/h in 3.9 seconds.
Powered by a 38.54kWh ternary lithium battery pack that was sourced from CATL, Neta claimed that this model has an NEDC range of 380km. For those who prefer the WLTP range instead, you are looking at around 300km.
When it comes to charging, the Neta V relies on its onboard 6.6kWh AC charger which allows the EV to be fully charged in eight hours. It also supports DC charging of up to 100kW which helps reduces the charging time from 30 to 80% in 30 minutes.
Isn’t there a government-mandated RM100k minimum price for fully imported EVs?
At RM79,800, the new price is much cheaper than the original price. This is even when you consider the RM10,000 rebate that was offered during its debut at the Malaysia Autoshow 2023 three months ago.
It is surprising to see that Neta Malaysia can lower the price tag further given that the Ministry of Investment, Industry, and Industry (MITI) has set a hard cap on the minimum price for fully imported Completely Built-Up (CBU) EVs at RM100,000. It is possible that the brand may have convinced MITI to give Neta some leeway since the brand’s local partner Intro Synergy has planned to set up a manufacturing and assembly plant.
Its parent company, GoAuto Group already operate an assembly plant in Gurun, Kedah via another subsidiary, Go Automobile Manufacturing. In addition to that, GoAuto has also recently signed a deal with glovemaker Careplus to explore a joint EV manufacturing hub in Negeri Sembilan.
That being said, Neta and Intro Synergy have never clarified whether the first batch of Neta V customers in Malaysia will receive a CBU or a locally assembled Completely Knocked-Down (CKD) unit. So, without any official announcement, it is still unclear how they can lower the EV’s price to under RM80,000.
Pressure from BYD Dolphin?
Just slightly over two months after the launch of Neta V, the Malaysian EV industry was hit by another shockwave in the form of BYD Dolphin. With a starting price of around RM100,000, BYD Dolphin costs more but it surpasses Neta V in almost every aspect.
Not only that, BYD also has the might of Sime Darby Motors to support the brand in Malaysia as an added advantage. So, you can imagine the intense pressure that Neta and Intro Synergy may feel from the arrival of the new challenger.
So, a significant price cut not only helps differentiate Neta V from the Dolphin but may also help Neta V survive the market. Meanwhile, don’t forget to check out our first hands-on experience with the Neta V right here:
