Latest news with #Hozon
Yahoo
20-05-2025
- Automotive
- Yahoo
Struggling Hozon Auto subject to bankruptcy review
China's Hozon New Energy Automobile, the manufacturer of Neta-branded battery electric vehicles (BEVs), is the subject of a bankruptcy review case filed by a local advertising company, according to a notification on the country's National Enterprise Bankruptcy Information Disclosure Platform. As the news spread rapidly across the local media, the struggling automaker has been forced to deny growing speculation that it had itself filed for bankruptcy. A spokesperson confirmed that the company has 'not filed for bankruptcy or taken any such related steps internally.' The bankruptcy review case was filed by Shanghai Yuxing Advertising Company and is being handled by a court in Jiaxing, Zhejiang province. Hozon has been struggling for many months to make payments to its suppliers and in March 2025 it hosted a supplier conference focused on debt restructuring. The automaker subsequently revealed that it had reached debt-to-equity agreements with 134 core suppliers, including key battery manufacturers CATL and Gotion High-Tech, worth more than CNY 2 billion (US$ 278 million) – according to local reports. Hozon has also been struggling to pay wage arrears for months and has been laying off workers since October. The company sold around 100,000 vehicles globally last year, but deliveries plunged by 80%-90% in the first quarter of 2025. An official at Hozon confirmed to local reporters: 'An advertising agency has exercised its legal right to file a bankruptcy review against Hozon Auto,' without providing further details. The company has also denied rumours that it has been the subject of takeover interest from other automakers, including Toyota Motor Corporation, which the Japanese automaker has also denied. Neta aims to raise CNY4 billion in a Series E fundraiser, aiming to raise about CNY4 billion to CNY4.5 billion (USD550 million to USD624.4 million), with the leading investor expected to provide up to CNY3bn of the funding. "Struggling Hozon Auto subject to bankruptcy review" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
29-01-2025
- Automotive
- Yahoo
Hozon opens first Neta outlets in Brazil, Cambodia
Chinese battery electric vehicle (BEV) manufacturer Hozon Auto announced this week it has officially opened its first Neta Auto sales outlets in Brazil and Cambodia, as the automaker stepped up its global expansion strategy to offset fierce competition in its home market. The struggling BEV manufacturer said it aims to double its overseas sales in 2025 from around 30,000 units last year, which it sold through over 180 sales outlets located mainly in South-east Asia and Latin America. The company said it aims to have ten sales outlets in operation in Brazil by the end of the first quarter of 2025, following the unveiling of the Neta Aya and Neta X at the end of last year. Earlier this month Neta opened a new sales outlet in the Indonesian city of Bekasi and aims to have 30 sales outlets in operation in the country by the end of 2025. Hozon's global sales fell by around 27% to an estimated 100,000 vehicles last year, leaving the company struggling with mounting losses and in search of fresh funding. The company launched a cost-cutting programme last year to improve efficiency and minimise losses. Hozon laid off around 400 workers at its Thai operations at the end of last year, after its local sales plunged by 45% as the number of Chinese BEV manufacturers entering this market continued to increase. "Hozon opens first Neta outlets in Brazil, Cambodia" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
