According to reports by CarNewsChina, Neta Auto has resumed full salary payments at its Tongxiang plant in China. This marks a step towards the brand restarting operations as it navigates a bankruptcy restructuring.
As part of the restructuring process, Hozon New Energy, the parent company of Neta Auto, released a public notice on August 4 this year seeking strategic investors to participate. This comes after the company previously opened a pre-registration channel a month prior on July 10 via Alibaba’s asset disposal platform to attract capital.
A total of 47 entities has reportedly submitted expressions of interest, with their next step being to submit a deposit of 50 million yuan (about RM29.4 million) by September 15 to show they mean business.
Neta’s troubles include months of cash flow problems and unpaid employee wages dating back to November 2024, which led to large-scale layoff that saw its workforce reduce by half. It all culminated in the company officially entering bankruptcy proceedings in June 2025.
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CHINA namba 1
same like how malaysia bailed out felda, THHE , LTAT/LCS /boustead, not to mention we are still stuck paying 1mdb debt. in all cases malaysia govt became a shareholder.so i guess china must have learned from malaysia.
Yeah right who still trust to buy a car from a near bankrupted company. They might survive today or even til next week but who knows next month or the next year. The car warranty might even outlast the maker.
Noiceee
Keep making more 0-star ASEAN NCAP cars ye
Pretty sure more ppl will buy them in the future