Chinese new energy vehicle startup Neta has signed agreements with a Mexican bank, EV association and several dealership partners, signaling that the automaker is ready to enter the Mexican market, CEO Zhang Yong said on social media on Wednesday.

Neta held an investment promotion event in Mexico in February and revealed plans to introduce several flagship models there throughout the year.

The automaker accelerated its international expansion this year as competition in the domestic NEV market has intensified over the past two years, resulting in a decline in Neta's sales.

Neta has been expanding its overseas presence, with plants built in some members of the Association of South East Asian Nations such as Thailand, Indonesia and Malaysia. Neta aims to enter 50 countries and open 500 stores by 2025.

Neta's overseas expansion has contributed to its sales growth. In the first half, the automaker exported 17,687 NEVs, soaring 154 percent year-on-year, ranking first among NEV startups. Its sales reached 53,800 units during the period.