The troubled Chinese car maker Neta reportedly obtained 6 billion yuan (818.8 million USD) in investments. Thanks to the external financing, the company paid previously delayed salaries and resumed production. In 2025, Neta aims to focus mainly on overseas markets, planning to double its sales.
Stories about problems with Neta circulated online throughout much of 2024. In October, Neta reportedly cut employees’ salaries and failed to pay September’s salaries. In November, the troubled automaker reportedly halted production at its Tongxiang manufacturing plant with a production volume of 200,000 units annually. Neta founder and chairman Fang Yunzhou stepped up as CEO, replacing Zhang Yong in December 2024.
Neta’s domestic sales volume seemingly declined in late 2024. It sold only 237 units in December 2024, down 88.3% year-on-year. According to China EV DataTracker, Neta sold 61,592 units from January to December 2024, down 40.2% Y-O-Y. However, Neta founder and chairman Fang Yunzhou claimed that the gross profit margin in 2025 will turn positive and that the company will be profitable in 2026.
According to a DoNews report, Neta obtained about 6 billion yuan in investments. One of the company’s employees said that he had not been informed about external financing. However, his previous salaries have been paid recently. According to the source, state-owned assets and the world’s biggest battery maker CATL participated in the financing.
We will remind you that Neta was the first company to sign an agreement with CATL to use its Bedrock chassis in January 2023. The Neta L crossover (see specs) became one of the first models to equip the CATL’s latest sodium-containing Freevoy battery dedicated to plug-in hybrids. So, Neta and CATL have a lasting friendship story.
According to another Neta employee, the company completed internal adjustments to ensure normal operations. The automaker’s main goal is to support normal vehicle production and after-sales parts supply. Currently, Neta is terminating its direct-operating stores in China, focusing on the dealership network.
On January 17, Neta announced it held the second overseas dealer & investor conference. In 2025, the automaker will focus on overseas markets, aiming to double sales. Last year, Neta sold 30,000 units in overseas countries (with the goal of 100,000 vehicles). So, the current target is 60,000 cars.
Previously, Neta shared that in the next two to three years, half the sales to be domestic and the other half in the global market. The company is looking to overseas as a way of escaping the severe price competition in the domestic market. Neta already has over 180 sales channels in around 40 countries of Southeast Asia, and Central and South America.
However, it is worth pointing out that Neta was reported to be considering cutting 400 jobs at its Thailand plant as its production slowed, The Nation reported. The current situation around the brand’s first overseas plant has yet to be revealed.
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