EV maker Neta’s parent company Hozon Auto is considering cutting 400 jobs in Thailand, reports The Nation, as just 6,534 Neta V, V-II and X (pictured) units found Thai homes from January to November 2024 (-45.8% year-on-year).
Citing an unnamed news source, the English-language daily said the 400 jobs encompassed employees of both Neta Auto (Thailand) and Bangchan General Assembly – Neta’s first outside-China plant – although according to the Thai Enquirer, only the plant’s jobs will be affected.
Hozon Auto is reportedly suffering a liquidity problem due to declining sales, forcing it to suspend production at its Zhejiang, China factory and cut jobs.
Citing business intelligence platform Creden Data, The Nation reports that Neta Auto (Thailand) suffered a 1.8 billion baht (RM236 million) net loss in 2023 versus a 80.77 million baht (RM10.61 million) profit in 2022, and in the five years since its establishment (2019-2023), revenue and losses are respectively at 7.78 billion baht (RM1.02 billion) and 1.72 billion baht (RM226 million).
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Neta cars looks like those cheap China bicycles you can buy off Shopee.
Guess no body cares how many people are laid off people are more interested in its safety so still get 0 Stars NCAP safety or not or can ask help from our beloved investment guy to tell fantasy stories about how APs can ensure EVs safety in Malaysia.
IF there were a Stellantis version in China (where all the junk brands masuk his basket) This Neta would be one of it!
If I was the distributor for NETA Malaysia, I would quickly sell off the old NETA V even at a loss around RM35-40 K to cut the loss. Keep any longer nobody will buy.Use that money and invest with new model that uses Lithium Iron instead. Lithium Ion is very old tech and once more people know the difference, you won‘t even be able to sell 1 even if you give 70% discount
Next is Leapmotor
Kahkahkah memang syarikat2 CCP tak buat duit pon, mana berani tunjuk penyata P&L
Same will go with majority of Chinese car maker in Malaysia in very near future…