Neta reportedly shuts its first and only showroom in Singapore – Thailand arm says CKD to resume fr June

According to a report by The Business Times, Neta has shut its first and only showroom in Singapore. This comes around three months after the Chinese brand, which is currently facing financial difficulties, launched in the country back in early January this year.

The news outlet said it visited the showroom and saw no employees or cars present, while any queries regarding the status of the business were not answered by Neta or Evology Automobile. During the launch of Neta in Singapore, it was announced that the Neta X and Aya (also known as the V-II) would be sold through local distributor Evology Automobile, which operated the dealership located at One Commonwealth.

Reports indicated the brand has secured 52 orders, although data from the country’s Land Transport Authority revealed just four vehicles were registered, including two in November 2024 and the remainder in January 2025.

In March this year, it was reported that Neta’s debt could be as high as 10 billion yuan (about RM6.1 billion). Later in the same month, CarNewsChina reported that Neta had secured a credit line of 10 billion baht (RM1.29 billion) in Thailand.

In a separate report, Thailand’s English daily, The Nation, said in late March the brand vowed to resume electric vehicle (EV) production in the country from June after spending the next two months clearing its debts with suppliers and dealers. Sun Baolong, general manager of Neta Auto Thailand, clarified that the credit line from Nissan Leasing (Thailand) was not part of a debt restructuring plan but would be used to provide inventory financing for dealers and mortgage loans for Neta buyers.

He also claimed parent company, Neta Auto in China, had successfully settled its debts with all creditors. Neta Auto reportedly reached an agreement with 134 domestic suppliers to convert a significant portion of their outstanding claims into equity in its parent company, Hozon Auto, with the total value of this swap said to exceed two billion yuan (RM1.2 billion).

Neta Auto Thailand is aiming to sell 10,000 EVs this year, with 50,000 units being the long-term goal by 2029, at which point there would be six models offered. The company is also using the country as its hub for EV manufacturing and exports to ASEAN nations.

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