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Neta dismantles R&D as finances worsen, unpaid suppliers protest at HQ, 200 staff leaving – report

More troubles for Neta – citing Chinese media outlet Leiphone, Car News China reports that the carmaker is purportedly dismantling its entire research and development (R&D) team as its finances worsen, and that some 200 […] The post Neta dismantles R&D as finances worsen, unpaid suppliers protest at HQ, 200 staff leaving – report appeared first on Paul Tan's Automotive News.

Mar 19, 2025 - 09:55
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Neta dismantles R&D as finances worsen, unpaid suppliers protest at HQ, 200 staff leaving – report

Neta dismantles R&D as finances worsen, unpaid suppliers protest at HQ, 200 staff leaving – report

More troubles for Neta – citing Chinese media outlet Leiphone, Car News China reports that the carmaker is purportedly dismantling its entire research and development (R&D) team as its finances worsen, and that some 200 of its circa-1,700 staff have already begun leaving.

Neta sold 98% fewer cars in January than it did in the same month last year, and in February, it didn’t even manage 400 units, CNC cites China EV DataTracker stats as saying.

Unpaid suppliers have reportedly been gathering at Neta’s Shanghai HQ, with some even sleeping on the floor, according to CNC. This comes despite RMB6 billion (RM3.7 billion) worth of investments reportedly secured by the EV maker, and remaining employees earning 75% less than they did before October 2023.

Neta dismantles R&D as finances worsen, unpaid suppliers protest at HQ, 200 staff leaving – report

Some leavers are getting only Shanghai’s minimum wage, while those who left in November 2023 have not yet been compensated, CNC reports further, adding that insiders partly attribute the crisis to the former CEO’s strategy of heavily favouring B2B channels.

According to CNC‘s sources, Neta’s debt could be as high as RMB10 billion (RM6 billion), casting doubts on the company’s recovery despite talks being ongoing with a foreign sovereign wealth fund.

Closer to home, it was reported last December that Neta was considering cutting 400 jobs in Thailand due to slowing sales. In Malaysia, Neta sells two models – the RM100k V and the RM120k-136k X. Nine Netas found Malaysian homes in January; seven in February.

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