Chinese new energy vehicle (NEV) manufacturer NETA Auto has recently drawn widespread industry attention over its potential corporate restructuring. On June 13, a document titled "NETA Auto Restructuring Statement" circulated online, indicating that NETA's parent company, Hozon New Energy Automobile Co., Ltd. (hereinafter referred to as "Hozon New Energy"), has officially entered restructuring proceedings. According to the statement, the original management team will undergo optimization and reorganization, and a new CEO with multinational automotive management experience will be appointed to lead the company's governance toward greater professionalism.
According to sources close to NETA Auto, the company is indeed working on restructuring matters internally, though no official public announcement has been made yet. The final details are expected to be based on an officially released version. Previously, some employees of NETA had released a version of the restructuring statement, claiming that Hozon New Energy had entered the process, but the company has not issued any confirmation through its official channels.
A representative from NETA responded by stating that the statement circulating online is not an official release, but one of several proposed internal plans-and not the finalized version. The spokesperson further noted that a resolution plan had already been drafted between late May and early June, originally scheduled for release before the end of June. However, due to escalating conflicts with departing employees, some aspects of the plan may be adjusted.
According to the version of the statement circulating online, the restructuring is a government-led, proactive self-rescue effort under the supervision of the Intermediate People's Court in Jiaxing, Zhejiang Province. The goal is to resolve the company's debt crisis through legal proceedings, attract strategic investments, and optimize its management system, thereby paving a new path for sustainable development. In recent years, NETA Auto has faced intense competition in the NEV industry, with declining sales, mounting debt, and supply chain disruptions placing significant strain on its operations. However, as a brand that once topped the emerging EV makers with annual sales of 150,000 units, NETA still retains core technological capabilities and market value.
The core focus of the restructuring plan is to "maintain production, stabilize deliveries, and protect stakeholder interests." Through debt restructuring, management reform, and capital injection, the company aims to revitalize operations. The restructuring statement emphasizes that priority will be given to settling supplier arrears and maintaining customer service in order to minimize losses to social resources. NETA will work together with the court-appointed administrators and leading industrial capital partners-both domestic and international-to invest in the company. The injected funds will be dedicated to resuming production, advancing R&D, and expanding global market reach.
On the operational front, NETA stated that both domestic and overseas business will continue. In China, production facilities such as the Tongxiang plant are expected to gradually resume operations within a few months, prioritizing the fulfillment of existing orders and stabilizing the dealership network with financial support.
As for overseas operations, they remain unaffected and will continue to function normally. Once investments are finalized, NETA plans to further increase its commitment to key overseas markets such as Thailand, Indonesia, and Brazil. The company's Thai subsidiary has already begun innovating its business model to accelerate parts supply.
Moreover, NETA emphasized its ongoing commitment to after-sales support for all models, OTA updates, and spare parts supply. Vehicle operating systems and app services will continue functioning as usual. Looking ahead, NETA plans to relaunch the development of its "Haoshi" technology platform, focusing on skateboard chassis architecture and intelligent driving technologies. By 2027, it aims to launch three globally-oriented vehicle models targeting the mass market segment (RMB 100,000–200,000), while also addressing premium segment needs through differentiated offerings.
During the restructuring period, NETA Auto pledged to communicate transparently, providing regular updates through its official website and channels. The company expressed sincere gratitude to all levels of government, suppliers, dealers, and global customers for their trust and support. NETA firmly believes that with joint efforts from all stakeholders, it will return to the market with renewed strength and continue contributing to the high-quality development of China's NEV industry.
