Neta Auto's Nanning Plant Machinery Fails to Sell Again—Starting Bid Slashed to RMB 48.25 Million, Still No Bidders

According to Alibaba's judicial auction platform, a batch of machinery and equipment from Neta Auto's Nanning production base, located at No. 88 Changlong Road, Lingli Town, Qingxiu District, Nanning, was withdrawn for the second time on August 13 due to receiving no bids. The starting price for this auction was approximately RMB 48.2463 million. The first auction for this equipment was held on August 2, with an initial starting price of RMB 60.3079 million, which also failed due to lack of bids. The enforcement case associated with this auction bears the case number (2026) Gui 0103 Zhi 178. The applicant for enforcement is Nanning Zhihong Technology Co., Ltd., while the respondents are Nanning Ningda New Energy Vehicle Co., Ltd., Guangxi Ningda Automotive Technology Co., Ltd., Hozon New Energy Automobile Co., Ltd., and Nanning Yonghe Investment Co., Ltd. The amount subject to enforcement in this case totals RMB 45,686,632. According to public reports dated November 27, 2019, the Nanning municipal government previously signed an agreement with Zhejiang Hozon New Energy Automobile Co., Ltd., planning to invest RMB 3.5 billion to build a project capable of producing 100,000 all-electric passenger vehicles annually.