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Is Neta Auto coming back to life? For Neta Auto's old owners, this might be good news.
On September 11, the fourth creditors' meeting for the bankruptcy reorganization case of Hozon New Energy, the parent company of Neta Auto, was held. The "Reorganization Plan (Draft)" revealed for the first time that the reorganization investor is Zhejiang Taiyi Shenglian, intending to contribute 3 billion yuan to acquire approximately 70.62% equity.
3 billion yuan, is it really enough for a car company with liabilities exceeding 26 billion yuan and net losses of 18.3 billion yuan? So why did Taiyi Shenglian spend 3 billion yuan to save a car company that is "already done for"? Even if it is a high-stakes gamble, what exactly are these 3 billion yuan betting on?
First Bet: Betting on an "Exclusive Qualification License"
Neta's parent company, Hozon New Energy, holds the complete new energy vehicle "dual qualifications" issued by the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT). After 2023, approvals for new vehicle manufacturing qualifications tightened comprehensively. After the NDRC issued the last batch of new pure electric passenger car qualifications, the door was basically closed. For new players wanting to enter, there is almost no way. In the past, Li Auto spent 650 million yuan to acquire Lifan, valuing this very "qualification".
Qualifications are scarce assets themselves, and what Neta holds is ready-made, complete, dual qualifications that have already run through the mass production process. However, according to current regulations, Neta needs to complete production of at least 2,000 vehicles in 2026 to keep this license. So, if they don't act now, there really will be no more chances.
Second Bet: Betting on Existing Production Capacity and Overseas Channels
Neta has three bases built according to intelligent production line standards in Tongxiang, Zhejiang, Yichun, Jiangxi, and Nanning, Guangxi, with a total annual capacity of about 300,000 vehicles. There are also overseas factories in Thailand and Indonesia. Although the production lines have halted, the foundation remains. Restarting existing production lines is much cheaper and much faster than building a factory from scratch.
Even more crucial are overseas channels. In 2023, Neta delivered 127,500 vehicles for the whole year, of which overseas sales were nearly 20,000 units, a year-on-year increase of 567%, ranking first among new EV players in overseas sales. The Thailand factory has an annual capacity of 30,000 vehicles and is the first new automaker to establish factories in Thailand, Indonesia, and Malaysia. The Nezha X once secured over 7,000 orders in 7 overseas countries.
So the first phase of the reorganization plan is to resume production of Nezha X and focus on the overseas market, with an annual sales target of 10,000 units, after all the domestic car market is extremely competitive right now, while the overseas market still has great potential.
Third Bet: Wanting to Enter the Automotive Industry at Low Cost
Behind the investor Taiyi Shenglian is Shanzi Gaoke Chairman Ye Ji, but this investment uses a platform outside the listed company, avoiding the complex approval process for 3 billion yuan investments by listed companies, and isolating the billion-yuan debt risk of Neta from outside the listed company system.
Shanzi Gaoke has been conducting crazy experiments on the edge of making cars and is inherently laying out whole vehicle business. In 2023, it acquired Hebei Hongxing Automotive to obtain passenger car qualifications, joined hands with Geely to revitalize the former Hafei Motor factory for producing models exclusively for the Russian market. An affiliated company also established Qianhe Auto in Tongxiang, with former Tesla executive Zhu Renjie serving as CEO.
Ye Ji's judgment on whole vehicle business is very clear: avoid direct competition in the domestic new energy market and focus on overseas markets such as Central Asia, Middle East, and Africa. Neta happens to have factories in Southeast Asia, overseas channels, and an existing export foundation. Shanzi Gaoke has a parts supply chain and whole vehicle manufacturing layout, while Neta has qualifications, capacity, and overseas channels. The resources of both parties can indeed be combined. Although 3 billion yuan looks like a lot, compared to entering the automotive industry from scratch, the risk is much higher. Without 20 billion yuan, you shouldn't even think about building a new automotive force from scratch.
But even so, the prospect of this high-stakes gamble is still unclear. The 3 billion yuan is currently in a subscribed status, and the reorganization draft also requires creditor voting and court ruling. Neta's current ordinary claims are about 11.7 billion yuan. Whether it can truly resume production still depends on paid-in capital and capacity integration. The overseas market also faces multiple thresholds such as local regulations, channels, and competitors. Supply chain reconstruction and factory resumption both require time.
3 billion yuan doesn't buy Neta's present, but the combination of assets that Neta holds that cannot be bought elsewhere. A ready-made automotive qualification, three production bases that can be restarted, an overseas channel that has already been run through, plus 440,000 existing car owners and the brand name "Nezha" that everyone across the country recognizes.
The logic of capital has never been "is it worth it", but "is it cost-effective". Using 3 billion yuan to leverage a ready-made car making platform, for capital that wants to enter the whole vehicle track but is trapped by qualifications and capacity, this is a gamble worth betting on. Wish Neta Auto good luck!
