Neta Auto to enter bankruptcy reorganisation

BEIJING: Neta Auto is set to commence bankruptcy reorganization proceedings, said a news report by carnewschina.com.

The news portal pointed out that a dramatic video is circulating online, showing employees confronting Neta Auto chairman Fang Yunzhou at the company’s new Shanghai office, demanding overdue wages.

Employees claim they have been owed wages since November 2024.

Neta Auto has also reportedly retrenched over 2,900 people, nearly half of its original workforce.

Neta Auto’s sales plummeted from 152,000 units in 2022 to 127,500 in 2023, and further to 64,500 in 2024.

In January 2025, domestic deliveries dropped to a mere 110 units.