Less than three months after its Singapore debut, Chinese electric vehicle (EV) brand Neta has quietly shuttered its first and only showroom at One Commonwealth, as reported by The Business Times, raising doubts about its future in the market. Operated by local distributor Evology Automobile, the showroom opened in January but was found closed during
Less than three months after its Singapore debut, Chinese electric vehicle (EV) brand Neta has quietly shuttered its first and only showroom at One Commonwealth, as reported by The Business Times, raising doubts about its future in the market.
Operated by local distributor Evology Automobile, the showroom opened in January but was found closed during business hours over the weekend of April 5. Queries to Neta and Evology have gone unanswered.
Owned by Shanghai-based Hozon New Energy Automobile, Neta launched its Neta X and Neta Aya models at Suntec City on January 9, reportedly securing 52 orders. However, Land Transport Authority data shows only four vehicles registered to date.
Neta’s parent company, partially state-owned Hozon, is struggling in China’s competitive EV market. After initial success with affordable models, its pivot to premium EVs faltered amid intense competition from BYD, XPeng, and others. A failed four billion yuan funding round and plunging sales—down 98% year-on-year in January—have placed the brand near bankruptcy.
In late 2024, Neta halted production at its Zhejiang factory, slashed wages, and accumulated total losses of 17.2 billion yuan between 2021 and 2023. Industry analysts expect China’s EV sector to undergo massive consolidation, with only top players expected to survive beyond 2030.