Neta Auto Posts $25.4B Loss in Three Years, Halts Production Amid Bankruptcy Restructuring

From 2021 to 2023, Neta Auto incurred cumulative net losses of RMB 18.3 billion, amounting to an average loss of over RMB 80,000 per vehicle sold. State-owned capital from regions including Yichun in Jiangxi Province, Nanning in Guangxi Zhuang Autonomous Region, and Tongxiang in Zhejiang Province has invested more than RMB 8 billion in the company. Currently, Neta Auto’s factories have completely halted production, and the company has entered bankruptcy reorganization proceedings, leaving the majority of state-owned investments at significant risk of loss.