The price increases in the automotive market led to the bankruptcy of a famous brand. Neta Auto, a Chinese electric car manufacturer that was once rumored to buy Toyota, announced its bankruptcy. The main reason for the bankruptcy, which left more than 10,000 people unemployed, was indicated as the company's inability to produce regularly and sufficiently due to financial difficulties.
According to the news in Ekonomim; The high price competition that has been ongoing in the automotive world for a while was putting serious pressure on Chinese brands in particular. The first major loss of this competition was Neta Auto, a Chinese electric vehicle manufacturer with approximately 10,000 employees. Although known as a small manufacturer, Neta exports to many countries and was once claimed to be on Toyota's potential acquisition list.
The company filed for bankruptcy a few months ago, but this request was initially rejected. It was reported that the official bankruptcy process has now officially begun with the latest developments.
Under an agreement with the Thai government, Neta was required to produce 19,000 electric vehicles by 2025. However, so far, the company has only been able to produce 4,000 units. Known for its electric sedan model Neta S, the brand could not maintain its production speed due to financial pressures.