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.
For details, please visit CnEVPost.
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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.
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The post Neta Auto to enter bankruptcy reorganization proceedings today amidst mounting crises appeared first on CarNewsChina.com.
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Bankruptcy case filed against Neta's parent company
The post Troubled Neta Auto faces potential bankruptcy rather than Toyota acquisition appeared first on CarNewsChina.com.
Toyota reportedly considers acquiring struggling Neta Auto to accelerate China EV plans, while Neta seeks rescue from financial collapse and production halt
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Chinese EV startup Neta faces mounting troubles as dealers gather at its factory demanding payment for undelivered vehicles and compensation for losses
The post Neta Auto faces escalating crisis as dealers protest at factory gates appeared first on CarNewsChina.com.
As suppliers surround headquarters demanding payment and employees work at half salary, the troubled Chinese EV maker pins its survival hopes on Thai market expansion
The post Neta Auto secured credit line from Thailand in bid to survive appeared first on CarNewsChina.com.
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.
For details, please visit CnEVPost.
Notably, some employees have complained online that while staff are receiving minimum wage, the company continues to pay for expensive housing rentals for its executives.
The post Neta Auto faces financial crisis, dismantles R&D amid supplier protests appeared first on CarNewsChina.com.