Neta Auto banks on new investors

A new investor group is expected to take over debt-ridden Neta Auto, looking to revive the Chinese battery electric vehicle (BEV) maker in China and Thailand, says subsidiary Neta Auto (Thailand).

- LAMONPHET APISITNIRAN

Sun Baolong, general manager of Neta Auto (Thailand), assured Thai customers of continued production and sales of Neta cars here, as he predicted all financial troubles will be resolved in the near future.

The company, which recently expanded in Thailand by opening a new spare parts distribution centre for after-sales service, is undeterred by the bankruptcy filing against Hozon New Energy Automobile, the parent company of Neta Auto.

Shanghai Yuxing Advertising Co filed a bankruptcy review against Hozon New Energy Automobile, according to CarNewsChina online news, with the case processed by the Intermediate People's Court of Jiaxing in Zhejiang province.

PROMISING INVESTMENT

Neta Auto is working on a plan to secure a new investment deal to allay both company and customer concerns over its BEV business.

"We are asking our customers not to panic, as our parent firm is in talks with a new investor group to become our new partner," said Mr Sun.