Berita ini pertama kali dilaporkan oleh Nikkei, yang menyatakan bahawa kementerian Thailand menuntut semula subsidi yang telah diberikan kepada Neta Auto Thailand sejak tahun 2022, dengan jumlah melebihi 2 bilion Baht (~RM259 juta).

Menyamai insentif penggunaan kenderaan elektrik (EV) di Malaysia, program EV Thailand membolehkan pembeli menerima subsidi sehingga 150,000 Baht (~RM1,900) bagi setiap kenderaan, dengan syarat jenama yang mengambil bahagian mesti memenuhi keperluan pengeluaran tempatan.

Kerajaan Thailand mendakwa bahawa Neta Auto Thailand gagal memenuhi syarat tersebut, sekali gus memaksa mereka menuntut subsidi itu dikembalikan. Akibat kegagalan untuk mematuhi tuntutan berkenaan, tindakan undang-undang telah dimulakan untuk mendapatkan semula dana tersebut melalui litigasi sivil dan potensi rampasan aset.

Memandangkan syarikat induk Neta, Hozon New Energy Automobile, juga sedang menjalani penyusunan semula undang-undang di China, litigasi sivil oleh kementerian Thailand akan difailkan terhadap pengedar tempatan sebagai defendan. Bagaimanapun, tiada tempoh masa didedahkan bagi tindakan undang-undang tersebut.

Sekiranya mahkamah memihak kepada kementerian, pihak berkuasa akan mempunyai kuasa untuk membekukan aset dan akaun bank Neta Auto Thailand bagi mendapatkan semula dana berkenaan.

Berikutan kemasukannya ke pasaran Thailand pada 2022, Neta melonjak ke tangga kedua dalam segmen EV menjelang 2023. Namun, penyusunan semula syarikat induknya telah menyebabkan kelewatan dalam bekalan alat ganti, yang akhirnya membawa kepada tindakan saman kelas oleh pemilik kenderaan.

Neta bukanlah satu-satunya pengeluar kereta China yang gagal memenuhi kuota pengeluaran, dan syarikat lain juga dijangka akan menerima tindakan serupa daripada peguam kementerian Thailand dalam masa terdekat.

Di Malaysia, situasi bagi jenama tersebut juga tidak memberangsangkan. Pengedar di Malaysia, Intro Synergy, mengumumkan penyusunan semula operasi pada Jun 2025, sebelum laporan menunjukkan bahawa kemudahan mereka di Glenmarie telah ditutup pada Ogos 2025.

Satu hantaran di laman Facebook syarikat berkenaan menjelaskan penutupan kemudahan tersebut, “Langkah ini tidak menandakan berakhirnya Neta Auto Malaysia, dan tidak menjejaskan komitmen kami terhadap sokongan jualan serta selepas jualan. Penyusunan semula kami telah diumumkan pada awal Jun 2025, selaras dengan dinamik pasaran yang berkembang dan hala tuju global prinsipal kami. Pelanggan boleh yakin bahawa sokongan jualan, selepas jualan, jaminan, dan alat ganti tetap utuh serta beroperasi sepenuhnya,” tambah kenyataan itu lagi.”

Hantaran terakhir mereka di Facebook, bertarikh September 2025, adalah untuk mempromosikan unit Neta V “low-mileage”, dengan harga bermula dari RM55,000.

Menambah kesulitan yang sedia ada, Grab juga telah menyenaraihitamkan semua model Neta daripada digunakan dalam perkhidmatan e-panggilan mereka. Keputusan itu dibuat atas faktor keselamatan memandangkan model-model tersebut menerima penarafan sifar bintang dalam ujian pelanggaran Asean NCAP.

It has not been smooth sailing for Chinese carmaker Neta in Malaysia but its distributor in our northern neighbours is much worse off as the Thai Finance Ministry is planning to sue them over failure to meet local output quotas, triggering claims to repay the subsidies it received.

The news first reported by Nikkei, stating that the Thai ministry are demanding back the subsidies Neta Auto Thailand has been granted since 2022, with the amount exceeding 2 billion Baht (~RM259 million).

Similar to Malaysian incentives to adopt EV adoption, Thailand’s EV program grants buyers can receive subsidies up to 150,000 Baht (~RM1,900) per vehicle under the condition that the participating brands must meet local production requirements.

The Thai government claims that Neta Auto Thailand failed to meet the requirements, prompting them to demand the subsidies be returned. Having failed to comply, legal action has been set in motion to recover the funds via civil litigation and potential asset seizures.

Given that Neta’s parent company, Hozon New Energy Automobile, is also undergoing legal reorganisation to restructure in China, the civil litigation by the Thai ministry will be against the local distributor as the defendant. However, no timeline was disclosed for the legal action.

If the courts side with the ministry, the authorities will be able to freeze Neta Auto Thailand’s assets and bank accounts to recover the funds.

Following its entry into the Thai market in 2022, Neta climbed to second in the EV segment by 2023. However, the parent company’s restructuring led to delays in spare parts supply that culminated in owners filing a class-action suit.

Neta is not the only Chinese carmaker that failed to meet production quotas and they could be receiving a love letter from the Thai ministry’s lawyers in the near future.

Things in Malaysia haven’t been rosy for the brand as well. Malaysian distributor Intro Synergy announced restructuring operations in June 2025, before reports indicated its Glenmarie facility had shut down in August 2025.

A posting on its Facebook page addressed the facility’s closure. “This move does not signal the end of Neta Auto Malaysia, nor does it affect our commitment to sales and after-sales support.”

“Our restructuring was announced in early June 2025, aligned with evolving market dynamics and global directions of our principal. Customers can be assured that sales, after-sales, warranties and spare parts support remain intact and fully operational,” the statement added.

The aftersales support has been relocated to Accentra Glenmarie, just a few kilometres away from the old facility, to continue serving customers.

Their last Facebook post, dated September 2025, was to promote low-mileage units of the Neta V, with prices starting from RM55,000.

Further rubbing salt in the wound, Grab has also blacklisted all Neta models to be used in its e-hailing service. The decision was made on safety grounds as the models received zero stars in the ASEAN NCAP crash test.

Neta Auto Malaysia tampil memberi penjelasan bagi meredakan kebimbangan susulan laporan yang mempertikaikan status operasinya di negara ini. Syarikat mengesahkan bahawa ia masih aktif beroperasi, dengan jualan, perkhidmatan selepas jualan, jaminan kenderaan serta sokongan alat ganti berjalan seperti biasa tanpa sebarang gangguan.

Kekeliruan timbul selepas penutupan kemudahan Neta di Glenmarie, yang disalahertikan sesetengah pihak sebagai tanda pengunduran syarikat dari Malaysia. Neta menjelaskan bahawa penutupan itu merupakan sebahagian daripada pelan penstrukturan semula yang telah diumumkan pada Jun 2025, bertujuan menyesuaikan operasi dengan perubahan dinamik pasaran serta hala tuju global syarikat induk.

Sebagai ganti, pusat servis telah dipindahkan ke Accentra Glenmarie, hanya beberapa kilometer dari lokasi lama. Walaupun papan tanda dan prasarana masih dalam proses penyiapan ketika laporan awal diterbitkan, pusat servis baharu itu sebenarnya telah pun dibuka dan melayan pelanggan. Neta mengakui komunikasi mengenai perpindahan tersebut kurang jelas, namun langkah penambahbaikan telah diambil, termasuk meningkatkan keterlibatan bersama pemilik Neta.

Turut menimbulkan persoalan ialah alamat Careplus Mall di Seremban yang dipaparkan di laman rasmi Neta Malaysia. Menurut syarikat, lokasi itu berfungsi sebagai hab korporat dan logistik, hasil pelaburan strategik Careplus Group dalam jenama berkenaan. Sebagai pemegang saham dalam Intro Synergy dan NexV Manufacturing, Careplus memainkan peranan penting dalam memperkukuh rangkaian pengedaran, gudang simpanan, pengurusan alat ganti serta rancangan pemasangan EV tempatan. Justeru, kemudahan di Seremban tidak harus dilihat sebagai pengunduran dari Lembah Klang, sebaliknya sebagai peluasan operasi yang melengkapi pembangunan kilang EV di Negeri Sembilan.

Bagi pemilik kenderaan sedia ada, Neta memberi jaminan bahawa liputan waranti kekal sah dan akan dipenuhi sepenuhnya. Bekalan alat ganti juga terjamin, dengan stok diuruskan dari hab Lembah Klang dan Seremban. Pusat servis khusus kini beroperasi dengan rancangan penambahan sedang dirangka, manakala talian khidmat pelanggan serta platform digital kekal tersedia untuk membantu pengguna.

Melangkah ke hadapan, Neta Auto Malaysia menegaskan komitmennya meneruskan strategi Direct-to-Consumer (D2C) yang dijangka meningkatkan keterlibatan bersama pelanggan, mengurangkan kos, dan memperbaiki mutu perkhidmatan di seluruh negara. Walaupun syarikat induknya berdepan cabaran di pasaran global, Neta menegaskan bahawa kehadirannya di Malaysia tetap kukuh dan perkembangan lanjut akan dikongsikan dari semasa ke semasa.

Disokong oleh rakan strategik seperti Careplus, Neta optimis jenama ini akan terus berkembang di Malaysia dengan menawarkan kenderaan elektrik yang mampu milik, boleh diharap dan inovatif.

Syarikat itu juga menekankan bahawa peranan media amat dihargai dalam melaporkan perkembangan industri, namun konteks yang tepat adalah penting. Yang pasti, Neta Auto Malaysia masih teguh beroperasi, komited dan kekal melabur untuk menyokong pelanggan — kini dan pada masa hadapan.

Neta Auto Malaysia has moved to clarify concerns following recent reports questioning the status of its operations in the country. The brand confirmed that it remains very much alive and operational, with sales, after-sales, warranties and spare parts support continuing without interruption.

The confusion arose after the closure of Neta’s Glenmarie facility, which some had taken as a sign of the company’s withdrawal from Malaysia. Neta has since explained that the closure formed part of a planned restructuring exercise announced earlier in June 2025. The move was made to streamline operations in line with evolving market dynamics and the global direction of its principal.

Far from pulling out, Neta has relocated its service centre to Accentra Glenmarie, just a short distance from its previous site. Although signage and infrastructure adjustments were still in progress when the earlier article was published, the new facility has been open and serving customers. The company admitted that communication around the relocation could have been clearer, but said steps have since been taken to improve transparency, including enhanced engagement with Neta owners.

Questions were also raised over the Careplus Mall address in Seremban, which appears on Neta Malaysia’s official website. The company explained that this represents its corporate and logistics hub, established through Careplus Group’s strategic investment in the brand. As a shareholder in Intro Synergy and NexV Manufacturing, Careplus plays a central role in strengthening Neta’s distribution, warehousing, spare parts management, and EV assembly plans. The Seremban facility should therefore not be seen as a retreat from the Klang Valley, but rather an expansion that complements the upcoming EV plant being developed in Negeri Sembilan.

For existing owners, Neta has reassured that warranty coverage remains valid and will be fully honoured. Spare parts supply is secure, with stock managed at both the Klang Valley and Seremban hubs. Dedicated service centres are already operational, with expansion plans underway, while the company’s customer hotline and digital platforms remain open to assist owners directly.

Looking ahead, Neta Auto Malaysia said it will continue to pursue its Direct-to-Consumer strategy, which is expected to deliver better engagement, greater cost efficiency and improved service for customers nationwide. Despite challenges faced by its principal in global markets, the company reiterated its commitment to Malaysia and confirmed that further updates will be communicated to stakeholders as plans progress.

Neta added that with strong backing from partners such as Careplus, it is confident the brand will continue to grow in Malaysia by offering affordable, reliable and innovative EVs.

The company stressed that while it appreciates the media’s role in covering industry developments, context is crucial. Neta Auto Malaysia remains operational, committed, and firmly invested in supporting its customers now and well into the future.

Maklumat mengenai perkembangan terkini ini telah dikongsikan pada 4 Ogos oleh pentadbir yang dilantik mahkamah bagi menyelia proses penstrukturan semula kebankrapan syarikat induknya, Hozon New Energy. Hozon secara rasmi memasuki fasa kebankrapan pada Jun 2025 dan kini dalam usaha mencari pelabur baharu untuk menyelamatkan perniagaan. Platform rasmi untuk pendaftaran minat pelaburan telah dibuka melalui laman lelongan aset Alibaba, dengan 47 pihak sudah menyatakan minat. Pelabur yang serius diminta menyediakan deposit sebanyak 50 juta yuan (sekitar RM32.5 juta) sebelum tarikh akhir 15 September.

Buat masa ini, identiti pelabur yang menunjukkan minat masih belum didedahkan kepada umum.

Krisis kewangan yang melanda Neta mula dikesan sejak penghujung tahun 2024. Syarikat berdepan kesukaran membayar gaji, sehingga terpaksa memberhentikan hampir separuh tenaga kerjanya. Dalam tempoh paling getir, ramai pekerja hanya menerima bayaran bulanan sedikit melebihi 2,000 yuan. Ketegangan memuncak apabila satu video tular pada Jun menunjukkan pekerja yang marah menghadap Pengerusi Neta, Fang Yunzhou, di pejabat Shanghai bagi menuntut tunggakan gaji mereka.

Meskipun berdepan cabaran besar, Neta kini perlahan-lahan cuba menghidupkan semula operasi asas. Pekerja di kilang Tongxiang—yang kini terdiri daripada pasukan lebih kecil selepas proses pemberhentian—telah memulakan tugas awal seperti membersihkan premis, menyelenggara mesin dan membuat persediaan untuk kemungkinan memulakan semula barisan pengeluaran. Pada masa yang sama, syarikat turut berusaha membina semula rangkaian jualan dan perkhidmatannya, termasuk memberikan bantuan kewangan kepada pengedar yang masih setia bersama jenama tersebut.

Bagaimanapun, laluan ke arah pemulihan masih panjang dan mencabar. Jumlah jualan Neta merosot secara mendadak daripada 152,000 unit pada tahun 2022 kepada hanya 64,549 unit pada 2024. Operasi pengeluaran turut terjejas awal tahun ini apabila pembekal utama seperti CATL menghentikan penghantaran kerana hutang yang tidak dilangsaikan. Difahamkan, Neta berhutang lebih 6 bilion yuan kepada pembekal, manakala jumlah kerugian syarikat mencecah 18.3 bilion yuan. Menjelang Mac 2025, baki tunai dalam akaun bank syarikat dikatakan hanya tinggal kurang daripada 500 yuan, mencerminkan keterukan keadaan kewangan yang dihadapi.

Dalam kalangan dalaman, suasana turut tegang apabila pemegang saham utama—terutamanya pelabur berkaitan kerajaan— mula menuntut perubahan kepimpinan dan pengurusan yang lebih berwibawa. Banyak pihak menyalahkan pengurusan terdahulu kerana membuat keputusan memperluaskan perniagaan terlalu cepat tanpa asas kewangan yang kukuh. Kini, nisbah hutang syarikat telah melonjak melebihi 217%, menambah lagi beban yang perlu ditangani dalam tempoh terdekat.

Namun begitu, Hozon masih memiliki aset berharga yang boleh menarik minat pelabur. Ini termasuk lebih 233,000 meter persegi tanah industri di Tongxiang, kemudahan pengeluaran yang lengkap, dan pemilikan penuh terhadap jenama Neta Auto. Selain itu, syarikat turut mempunyai dua kilang pengeluaran di Jiangxi dan Guangxi, serta tiga fasiliti pembuatan komponen di wilayah Anhui. Di luar negara, Neta juga mengendalikan operasi pemasangan CKD di Bangkok dan Jakarta, di mana kilang di Thailand telah pun memulakan pengeluaran pada tahun 2024.

Pada bulan Jun lalu, Neta turut berpindah keluar dari ibu pejabatnya di Shanghai selepas tamat tempoh pajakan, namun belum lagi mengumumkan lokasi baharu untuk operasi pentadbirannya.

Langkah menyambung semula pembayaran gaji penuh di kilang Tongxiang memberi sedikit sinar harapan kepada pekerja dan penggiat industri. Namun, pemulihan penuh masih bergantung kepada kejayaan mencari pelabur baharu, kejayaan penstrukturan semula kewangan, serta pembaharuan kepimpinan yang dituntut oleh para pemegang saham. Beberapa bulan akan datang bakal menjadi tempoh penentu bagi nasib Neta Auto, sama ada ia mampu bangkit semula ataupun terpaksa mengundur dari arena automotif sepenuhnya.

The update was disclosed by the court-appointed administrator overseeing the restructuring of Hozon New Energy, Neta’s parent company, on 4 August 2025. Hozon is currently in the process of soliciting strategic investors to support its revival, having formally entered bankruptcy reorganisation proceedings in June this year. To facilitate capital inflow, the company opened a pre-registration platform via Alibaba’s asset disposal site on 10 July. Since then, 47 interested parties have expressed formal interest, with potential investors required to place a 50 million yuan (around RM32,500,000) deposit by 15 September 2025.

The identities of the 47 entities that have expressed interest in investing in Hozon New Energy Automobile are not publicly disclosed.

Neta’s financial instability came to a head earlier in 2025, following months of liquidity problems that culminated in delayed salary payments dating back to November 2024. At its peak, the crisis saw the company halve its workforce, with factory staff reduced to receiving partial or minimum payments of just above 2,000 yuan. A viral video in early June captured the rising tensions as employees confronted Neta Chairman Fang Yunzhou at the firm’s Shanghai office, demanding their overdue wages.

Despite these challenges, Neta has begun reactivating its core operations. Workers at the Tongxiang plant—now operating with a skeletal crew following significant layoffs—have resumed activities such as cleaning the premises, inspecting equipment, and organising supplies, in what appears to be groundwork for a possible production restart. Furthermore, the company has renewed efforts to revitalise its national sales and service network by supplying resources and financial aid to its dealership partners still willing to maintain collaboration.

While these moves represent progress, Neta’s operational and financial obstacles remain considerable. Annual vehicle sales fell drastically from 152,000 units in 2022 to just 64,549 in 2024. Production lines were idled when major suppliers, including leading battery manufacturer CATL, ceased deliveries due to outstanding debts. Supplier liabilities are believed to exceed 6 billion yuan, while cumulative losses have surged past 18.3 billion yuan. In March 2025, court records showed that company accounts linked to Hozon New Energy collectively held less than 500 yuan—underscoring the severity of its liquidity crisis.

Internally, friction has emerged among Hozon’s shareholders, particularly state-owned investors, who have reportedly called for a leadership overhaul and broader structural reforms. Their concerns stem from the company’s debt ratio, which has soared beyond 217%, compounded by what they perceive as aggressive and poorly managed expansion strategies in prior years.

As of 1 May 2025, Hozon’s asset base remains substantial. It includes over 233,000 square metres of industrial land in Tongxiang, Zhejiang, as well as an array of vehicle production tools, including moulds, testing systems, and proprietary software. The firm also retains rights to the “Neta Auto” trademark. Hozon’s infrastructure investment spans two major production facilities in Jiangxi’s Yichun and Guangxi’s Nanning, and three component manufacturing plants located in Tongcheng, Fengtai, and Fengyang in Anhui. Internationally, Neta maintains CKD (completely knocked down) operations in Bangkok and Jakarta, with the Thai assembly plant beginning operations in 2024.

In a further indication of transition, Neta Auto vacated its Shanghai headquarters in June after the lease expired, removing signage from the premises. The company has yet to disclose the location of a new corporate base.

The resumption of full wages at the Tongxiang factory, while modest, is regarded as a symbolic step towards rebuilding trust among staff and partners. However, Neta Auto’s long-term recovery remains contingent on securing fresh investment, executing a successful restructuring plan, and implementing the governance reforms advocated by key shareholders. The coming months will determine whether these early efforts can translate into a sustainable revival for the embattled EV maker.

Modus operandi yang digunakan agak licik: insurans kenderaan diaktifkan lebih awal walaupun kereta masih berada di pusat pengedar atau gudang simpanan. Tindakan ini membolehkan kenderaan didaftarkan sebagai telah dijual. Antara Januari 2023 hingga Mac 2024, Neta dilaporkan menggunakan kaedah ini untuk lebih 64,000 kenderaan — lebih separuh daripada jumlah jualan yang diumumkan dalam tempoh tersebut. Zeekr, jenama mewah milik Geely, turut dilaporkan menggunakan taktik serupa di bandar Xiamen pada penghujung tahun 2024.

Walaupun teknik ini tidak dianggap menyalahi undang-undang pada masa ini, ia telah menimbulkan kontroversi. Kaedah ini digelar sebagai “jualan kereta terpakai sifar perbatuan”, kerana kenderaan yang telah diinsuranskan dan didaftarkan dianggap terpakai, walaupun ia tidak pernah digunakan. Ia mencerminkan tekanan hebat dalam pasaran EV China yang kian tepu dengan lambakan model dan persaingan harga yang agresif.

Pihak berkuasa di China tidak memandang ringan isu ini. Menurut laporan FMT, Beijing kini sedang merangka peraturan baharu bagi menghalang penipuan angka jualan seperti ini. Salah satu langkah yang dicadangkan adalah untuk melarang penjualan semula kenderaan yang baru didaftarkan dalam tempoh enam bulan pertama. Pembuat kenderaan turut diberi amaran keras agar menghentikan amalan yang mengelirukan ini.

Siasatan yang dijalankan oleh China Securities Journal turut mendedahkan insiden pelanggan di bandar Guangzhou dan Chongqing yang membeli kenderaan Zeekr, namun mendapati insurans kereta mereka telah pun aktif tanpa pengetahuan mereka. Neta pula menunjukkan lonjakan jualan yang luar biasa di lokasi seperti Shenzhen dan Xiamen. Sebagai contoh, pada Disember 2024, Zeekr mendakwa telah menjual 2,737 unit di Xiamen, namun hanya 271 kenderaan yang benar-benar didaftarkan dengan nombor plat rasmi — satu perbezaan yang menimbulkan tanda tanya besar.

Sebagai maklum balas, Zeekr mendakwa bahawa sebahagian besar kenderaan yang telah diinsuranskan tersebut hanyalah model paparan yang memerlukan perlindungan insurans atas faktor keselamatan. Syarikat itu menyatakan bahawa siasatan dalaman sedang dijalankan. Neta pula masih belum mengeluarkan kenyataan rasmi. Namun begitu, seorang wakil pengedar Neta memberitahu Reuters bahawa sejak 2022, pengedar diminta untuk menginsuranskan kenderaan lebih awal bagi membolehkan syarikat terus menerima subsidi kerajaan sebelum ia tamat tempoh. Malangnya, ramai pelanggan tidak menyedari perkara ini sehinggalah insurans mereka tamat lebih awal daripada jangkaan.

Pengedar yang terlibat turut menyatakan bahawa kebanyakan kenderaan yang dilaporkan “terjual” sebenarnya masih tersimpan di gudang. Apabila mereka menyuarakan kebimbangan, mereka dilaporkan diberi arahan untuk terus mematuhi arahan kerana “semua syarikat lain juga melakukannya.”

Prestasi jualan Neta juga menunjukkan tekanan yang dihadapi syarikat. Selepas mencatat jualan 152,000 unit pada tahun 2022, angka itu merosot kepada 87,948 unit pada 2023, dan hanya 1,215 unit berjaya dijual dalam suku pertama 2025. Tambahan pula, laporan media China mengesahkan bahawa syarikat induk Neta, Zhejiang Hozon, kini sedang melalui proses kebankrapan.

Zeekr juga tidak terkecuali. Laporan FMT menyatakan bahawa sebahagian besar jualan Zeekr di Xiamen pada Disember adalah kepada entiti perniagaan dan bukannya pembeli individu. Malah, terdapat pembeli dari bandar lain yang ditawarkan diskaun sebanyak 3,000 yuan serta baucar pengecasan bernilai 10,000 yuan sekiranya mereka sanggup menerima kereta yang telah pun diinsuranskan lebih awal.

Pakar industri melihat strategi ini sebagai cubaan untuk “memutihkan” atau mencantikkan angka jualan. Li Yanwei daripada Persatuan Peniaga Automobil China secara terbuka mengecam taktik ini, menyatakan ia merosakkan integriti pasaran dan menghakis kepercayaan pengguna terhadap jenama.

Empat kumpulan pengedar dari Delta Sungai Yangtze turut mengeluarkan kenyataan bersama, menuntut agar pembuat kenderaan memberikan sasaran jualan dan insentif yang lebih realistik. Mereka mendakwa pembuat kenderaan memberi tekanan kepada pengedar untuk berbohong mengenai angka jualan sebenar.

Bahkan akhbar rasmi Parti Komunis China, People’s Daily, turut menyelar amalan “jualan sifar perbatuan” ini sebagai strategi yang menjejaskan pengguna dan merosakkan industri automotif tempatan.

Dengan penguatkuasaan yang lebih ketat dari pihak berkuasa dan siasatan yang sedang berjalan, pendedahan ini memperlihatkan cabaran mendalam yang dihadapi oleh industri kenderaan elektrik di China. Walaupun angka jualan palsu mungkin kelihatan menguntungkan dalam jangka pendek, ia berisiko menjejaskan reputasi dan kelangsungan jangka panjang syarikat yang terlibat.

Two of China’s prominent electric vehicle (EV) manufacturers, Neta and Zeekr, are facing increasing scrutiny over allegations of artificially inflating their sales figures, a tactic industry insiders claim distorts market data and misleads consumers.

According to a report by Free Malaysia Today (FMT) citing Reuters, internal documents and dealer testimonies revealed that both automakers engaged in premature vehicle registration by insuring cars before they were sold to actual buyers. This allowed the companies to classify these vehicles as sold under Chinese industry standards, even though they had yet to be delivered.

Between January 2023 and March 2024, Neta reportedly booked 64,719 early vehicle sales using this method, representing more than half of the 117,000 units it claimed to have sold during that period. Zeekr, a premium EV brand under Geely, allegedly employed a similar strategy in late 2024, particularly in the city of Xiamen, working with state-owned Xiamen C&D Automobile.

Though not technically illegal, this practice, known as “zero-mileage used car” sales, has sparked outrage. Vehicles are marked as used due to insurance and registration, but have never been driven by real customers. The practice has emerged in the context of a fierce price war and an overcapacity crisis in the Chinese EV market.

FMT noted that Chinese regulators and state media have taken notice. Beijing’s cabinet recently pledged to clamp down on “irrational” market behaviour, and the Ministry of Industry and Information Technology is now drafting measures to ban the resale of newly registered vehicles within six months. The China Association of Auto Manufacturers announced the plan as part of broader efforts to restore consumer trust.

A front-page exposé by the China Securities Journal added further weight to the allegations. It confirmed that Zeekr had sold cars with pre-existing insurance policies, while customers in Guangzhou and Chongqing reported discovering these policies after purchase, and being denied refunds. The journal also flagged Neta’s abnormal sales spikes, particularly in Shenzhen and Xiamen. In December 2024, Zeekr’s reported sales in Xiamen surged to 2,737 units, 14 times its monthly average, even though only 271 vehicles were officially issued license plates.

In response, Zeekr claimed on Weibo that the insured vehicles in question were showroom display models covered for safety purposes. The brand did not confirm if these were included in retail sales but promised an internal investigation. Neta, owned by Zhejiang Hozon New Energy Automobile, did not respond publicly.

However, a Neta dealer told Reuters that since late 2022, the company had instructed dealers to pre-insure vehicles to qualify for expiring government EV subsidies. These cars were marked as sold, sometimes even before reaching dealerships or being purchased. In many cases, customers were unaware their insurance had already begun, only discovering the issue when their coverage expired early. Three Neta customers confirmed this experience.

The same dealer revealed that many of these pre-registered vehicles remained unsold in storage, and the company’s position was firm: “Just do it. Everyone else is doing it.”

Neta’s sales trajectory has reflected the pressure. After peaking at 152,000 vehicles in 2022, the brand saw a drop to 87,948 units in 2023, including 23,399 exports. In Q1 2025, it sold only 1,215 vehicles. Chinese state media confirmed last month that Zhejiang Hozon has entered bankruptcy proceedings.

Zeekr, which is currently undergoing privatisation under the Geely umbrella, is also under pressure. Reports stated that four dealers and two customers confirmed that Xiamen sales were propped up by insurance registrations managed by Xiamen C&D subsidiaries. One customer, based in another southern city, said he was offered a 3,000 yuan discount and a 10,000 yuan charging voucher to accept a pre-insured vehicle.

According to the China Automobile Dealers Association, of the 2,737 Zeekr vehicles reportedly sold in Xiamen in December, 2,508 were sold to companies rather than individual buyers, further raising questions about the legitimacy of the sales.

Industry analysts and media outlets described the strategy as an attempt to “whitewash” sales data. Li Yanwei of the China Automobile Dealers Association criticised the tactic on Weibo, warning that it erodes transparency and damages consumer confidence.

The backlash is growing within the auto retail network as well. Four dealership associations from the Yangtze River Delta recently issued a joint statement demanding fairer sales targets and reasonable incentive structures, accusing automakers of coercing dealers into falsifying sales.

Even the People’s Daily, the official newspaper of the Chinese Communist Party, weighed in, condemning the “zero-mileage” tactic as harmful to both consumers and the reputation of China’s auto industry.

As authorities tighten oversight and regulations loom, the controversy surrounding Neta and Zeekr reflects the broader struggle in China’s overcrowded EV sector.

Neta Auto, yang dikendalikan oleh Hozon New Energy Auto dan ditubuhkan pada tahun 2014, mula menunjukkan tanda-tanda kemerosotan sejak pertengahan tahun 2024. Operasi pengeluaran dihentikan, dan pemberhentian pekerja secara besar-besaran telah dilaksanakan, di samping usaha terdesak untuk mendapatkan pelaburan baharu. Pusingan pembiayaan Siri E yang dirancang pada Februari lalu—yang dijangka mengumpulkan antara 4 bilion hingga 4.5 bilion yuan (kira-kira USD 552–621 juta)—gagal selepas pelabur utama yang dikaitkan dengan dana negara BRICS menarik diri kerana syarikat gagal memulakan semula pengeluaran serta tidak berjaya menarik dana padanan tambahan.

Cubaan untuk memulihkan operasi juga tidak membuahkan hasil. Walaupun kilang di Tongxiang dibuka semula secara ringkas pada Januari lalu, kekurangan komponen kritikal menjejaskan pengeluaran. Keyakinan pelabur terus merosot, menyebabkan penilaian syarikat menjunam. Pada tahun 2023, Neta dinilai sebanyak 42.3 bilion yuan (USD 5.8 bilion), namun pada awal 2025, syarikat itu mencadangkan untuk menjual 50 peratus kepentingan dengan harga hanya 3 bilion yuan (USD 414 juta), menjadikan nilai keseluruhannya merosot kepada 6 bilion yuan (USD 828 juta)—penurunan mengejut sebanyak 80 peratus.

Kesan daripada kemerosotan ini turut menimbulkan kemarahan pelabur utama termasuk syarikat teknologi keselamatan 360 Security Technology. Pengasasnya, Zhou Hongyi, menarik balik pelaburan susulan berjumlah USD 138 juta, sebagai tindak balas terhadap kegagalan pengurusan dan kemerosotan kredibiliti syarikat.

Rekod kewangan Neta menunjukkan kerugian terkumpul sebanyak 18.3 bilion yuan (USD 2.53 bilion) dalam tempoh tiga tahun lalu, dan syarikat turut menanggung hutang sebanyak 6 bilion yuan (USD 828 juta) kepada pembekal. Sebagai langkah menyelamat, Neta mencadangkan penukaran 70 peratus hutang pembekal kepada ekuiti dan pembayaran baki secara ansuran. Syarikat turut memberi amaran bahawa tanpa kemasukan modal baharu, ia mungkin gagal membayar gaji pekerja dan caruman insurans sosial. Jika berlaku kebankrapan, pelabur berkaitan kerajaan dijangka menerima keutamaan dalam pembayaran semula, sekali gus berisiko menyebabkan pembekal mengalami kerugian besar.

Krisis Neta turut melibatkan operasi luar negara, khususnya di Thailand. Di bawah skim subsidi kerajaan Thailand, syarikat menerima sehingga 150,000 baht (USD 4,100) bagi setiap kenderaan. Namun, bagi mengekalkan insentif ini, Neta perlu memenuhi syarat pengeluaran tempatan menjelang 2025. Kegagalan berbuat demikian boleh menyebabkan syarikat dipaksa membayar semula keseluruhan subsidi, termasuk faedah dan pelepasan cukai yang diterima.

Di sebalik krisis, Neta masih mempunyai aset strategik yang menarik. Pada Mac lalu, syarikat berjaya memeterai perjanjian penukaran hutang kepada ekuiti bernilai 2 bilion yuan (USD 276 juta) dengan 134 pembekal utama. Sokongan kewangan tambahan turut diperoleh daripada institusi kewangan di Thailand dan firma Solotech yang berpangkalan di Hong Kong.

Sekiranya Toyota meneruskan pengambilalihan, syarikat itu berpeluang memperoleh akses segera kepada rangkaian bekalan tempatan Neta, harta intelek serta infrastruktur pasaran—faktor yang mampu mempercepatkan usaha Toyota untuk meluaskan portfolio EV di China dan meningkatkan daya saingnya terhadap jenama tempatan seperti BYD.

Namun begitu, Toyota menafikan spekulasi tersebut. Bahagian komunikasi korporat Toyota di China menyatakan bahawa tiada maklumat rasmi berkaitan perancangan pemerolehan Neta, sekali gus cuba menjauhkan diri daripada khabar angin yang tersebar.

Prestasi jualan Neta sejak kebelakangan ini turut mencerminkan kedalaman krisisnya. Pada tahun 2024, syarikat hanya menghantar 64,500 unit kenderaan—penurunan ketara daripada tahun sebelumnya. Pada Januari 2025, jumlah jualan bulanan menjunam hampir 98 peratus, dengan hanya 110 unit dihantar. Barisan produk Neta turut menerima kritikan kerana bergantung kepada teknologi lama dan dakwaan prestasi yang dipersoalkan. Tambahan pula, satu video pengasasnya, Fang Yunzhou, yang tular baru-baru ini menunjukkan beliau memohon maaf secara terbuka kepada pembekal dan pengedar—simbol kepada kemerosotan imej jenama.

Meskipun Neta masih memiliki nilai strategik tertentu yang berpotensi menarik minat pengeluar automotif global, masa depannya kekal tidak menentu. Jika Toyota akhirnya memutuskan untuk tidak campur tangan, Neta mungkin tidak mempunyai banyak pilihan selain menghadapi kemungkinan kebankrapan.

Neta Auto, operated by Hozon New Energy Auto and founded in 2014, has been in crisis since the middle of 2024. The company halted production and implemented mass layoffs, while simultaneously scrambling to secure outside investment. In February this year, a much-anticipated Series E financing round failed. This round was projected to raise between 4 billion and 4.5 billion yuan (approximately USD 552–621 million), with the bulk of funding—3 billion yuan (USD 414 million)—expected from a lead investor associated with a BRICS country fund. However, the investment was conditional upon the company restarting production and attracting additional matching funds, neither of which came to fruition, prompting the investor to withdraw and causing the financing effort to collapse.

Although Neta attempted to restart operations by briefly reopening its Tongxiang facility in January, a shortage of essential components prevented production from resuming. This setback had a domino effect, undermining investor confidence and leading to a dramatic decline in the company’s valuation.

In 2023, Neta was valued at 42.3 billion yuan (USD 5.8 billion) following a 1.53 billion yuan (USD 211 million) investment from a government-linked entity in Tongxiang. By early 2025, however, the company proposed selling a 50 per cent stake for just 3 billion yuan (USD 414 million), reducing its valuation to 6 billion yuan (USD 828 million)—a staggering 80 per cent decrease. This valuation plunge angered early and state-backed investors, including 360 Security Technology. The company’s founder, Zhou Hongyi, withdrew a previously committed follow-up investment of USD 138 million in response to the decline and the company’s deteriorating leadership credibility.

Financial records indicate that Neta has reported cumulative losses of 18.3 billion yuan (USD 2.53 billion) over the past three years. The firm also owes around 6 billion yuan (USD 828 million) to its suppliers. In an attempt to stave off collapse, Neta proposed converting 70 per cent of its supplier debt into equity and paying the remainder in instalments. The company further warned that, without fresh capital, it may default on employee wages and social insurance contributions. In the event of bankruptcy, government-linked investors are expected to take repayment priority, potentially leaving suppliers exposed to major losses.

The company’s situation is further complicated by its obligations in Thailand. Neta previously received subsidies of up to 150,000 baht (USD 4,100) per vehicle under government incentive schemes. However, to retain these incentives, the company is required to meet local production targets by 2025. A failure to do so could force Neta to repay the subsidies in full, including interest and any associated tax breaks.

Despite the turmoil, Neta continues to hold some residual market and technological value. In March, it reached a debt-for-equity agreement worth 2 billion yuan (USD 276 million) with 134 of its key suppliers. Additional financial backing was also secured from institutions in Thailand and from Solotech, a Hong Kong-based firm.

Should Toyota proceed with a buyout, it could gain access to Neta’s local supply chain infrastructure, intellectual property, and market presence—factors that could accelerate the Japanese automaker’s efforts to expand its EV portfolio in China. Analysts have noted that this strategic opportunity could provide Toyota with a platform to compete more effectively against dominant local players, such as BYD.

Toyota, however, has denied the reports. The brand’s communications division in China has stated that there has been no official information regarding such a plan, effectively distancing the company from the acquisition speculation.

Neta’s recent sales figures reflect the depth of its crisis. The company delivered 64,500 vehicles in 2024, a sharp decline, followed by an even more dramatic collapse in January 2025, when monthly sales fell by nearly 98 per cent to just 110 units. Its product line has been criticised for relying on outdated technology and for making questionable performance claims. A widely shared video of founder Fang Yunzhou bowing in apology to suppliers and dealers has gone viral, symbolising the brand’s deepening troubles.

While Neta still possesses certain strategic assets that may interest global automakers, the company’s future remains uncertain. If Toyota ultimately declines to intervene, Neta may be left with few options to avoid bankruptcy.

Kurang daripada tiga bulan selepas pelancarannya di Singapura, jenama kenderaan elektrik (EV) dari China, Neta, telah menutup bilik pameran pertamanya di negara itu secara senyap-senyap. Penutupan ini menimbulkan tanda tanya serius mengenai masa depan Neta di pasaran tempatan.

Menurut laporan The Business Times, bilik pameran tersebut, yang terletak di One Commonwealth dan dikendalikan oleh pengedar tempatan Evology Automobile, telah tidak beroperasi semasa waktu perniagaan pada hujung minggu 5 April. Setakat ini, sebarang pertanyaan yang diajukan kepada Neta dan Evology belum menerima sebarang maklum balas rasmi.

Neta, yang dimiliki oleh syarikat induk Hozon New Energy Automobile yang berpangkalan di Shanghai, secara rasmi melancarkan kehadirannya di Singapura pada 9 Januari 2025 dengan dua model: Neta X dan Neta Aya. Walaupun pelancaran awal di Suntec City menarik perhatian dan menghasilkan 52 tempahan awal, data daripada Pihak Berkuasa Pengangkutan Darat Singapura (LTA) mendedahkan hanya empat unit telah didaftarkan sehingga kini.

Cabaran Global dan Tekanan Kewangan di China

Penutupan operasi bilik pameran di Singapura ini mencerminkan cabaran yang lebih besar dihadapi oleh Hozon di peringkat global. Syarikat itu—yang sebahagiannya dimiliki oleh entiti kerajaan China—mengalami kejatuhan mendadak dalam jualan, susulan usaha untuk beralih daripada model EV bajet kepada segmen EV premium yang lebih kompetitif. Neta kini bersaing dengan nama besar seperti BYD, XPeng, dan Li Auto, yang terus mengukuhkan kedudukan mereka dalam pasaran.

Masalah kewangan juga semakin ketara, dengan jualan merosot sebanyak 98% tahun ke tahun pada Januari 2025, serta kegagalan menutup pusingan pembiayaan bernilai empat bilion yuan. Pada penghujung tahun 2024, Neta turut menghentikan operasi kilangnya di Zhejiang, memotong gaji pekerja, dan mencatatkan kerugian terkumpul sebanyak 17.2 bilion yuan antara tahun 2021 hingga 2023.

Menurut penganalisis industri, sektor EV di China bakal menyaksikan penyatuan besar-besaran menjelang 2030, di mana hanya jenama yang paling kukuh dari segi teknologi, pembiayaan dan sokongan kerajaan dijangka akan bertahan.

Penutupan operasi Neta di Singapura kini menjadi petanda bahawa strategi pengembangan global jenama itu sedang dikaji semula atau mungkin dihentikan sama sekali dalam usaha untuk bertahan dalam landskap yang semakin mencabar.

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.