Neta

Employees at Neta's factory in Tongxiang, Zhejiang, have received their full July salaries, indicating that the company is set to resume production, according to a local media report.

Under market competition pressure, some automakers have resorted to using "zero-mileage used cars" as a tool to create a false sense of prosperity in order to embellish their sales data.

Neta has struck a debt-for-equity swap deal with 134 core suppliers worth more than 2 billion yuan ($275 million) in preparation for resuming production, according to local media.

Neta sold nearly 30,000 cars overseas in 2024, with overseas sales channels growing to 184.

Neta launched the Neta X and Neta Aya in Singapore today and secured 52 orders in the morning.

Neta is restructuring its channel system and will gradually close down directly-managed stores and retain dealer stores, according to local media.

Neta has begun pre-sales of the Neta Aya and Neta X in Brazil and plans to open more than 10 stores in the country by the first quarter of 2025.

A business entity of the Nanning city government will provide Neta with supply chain financial support for raw material sourcing, production, logistics, and export.

One insider said Neta's layoffs could reach up to 70 percent, while another said the percentage varies by division and is not that high overall.

Neta has launched the Neta X compact SUV in Uzbekistan, marking its official entry into the Central Asian market.