Get New Investors, Neta Ready To Rise And Car Production Again

Neta X. (Photo: Afrizal/VOI)

JAKARTA - Neta Auto has reportedly continued paying full salaries of employees at its factory in Tongxiang in July 2025, signaling potential steps towards operational recovery amid restructuring.

Based on a report from Carnewschina, quoted Tuesday, August 5, the company was previously looking for strategic investors to participate in the restructuring process. The company previously opened a pre-registration channel on July 10 through Alibaba's asset sales platform to attract capital for restructuring.

In fact, a total of 47 entities have reportedly submitted statements of interest. Interested parties are required to submit a deposit of 50 million yuan no later than September 15, 2025.

Neta Auto is reported to have returned full wages to its central manufacturing facility in Tongxiang. Previously, some employees only received minimum wages slightly above 2,000 yuan or partial payments. The company has also started efforts to reactivate its sales and service network, providing material and financial support to dealers who remain willing to work together.

Despite these efforts, the number of staff at the Tongxiang plant is still limited due to previous layoffs. The remaining employees are reportedly cleaning up facilities, arranging supplies, and testing equipment as preparation for a possible resumption of production.

Neta Auto's current activities in Tongxiang are considered an initial phase in recovery efforts. The company's future depends on the success of restructuring, additional investment, and potential governance changes.

Neta Auto has faced significant operational challenges in recent years. Its annual vehicle sales have fallen sharply from 152,000 units in 2022 to 64,549 units by 2024. Production was discontinued after the main supplier, including battery manufacturer CATL, suspended shipments due to unpaid debt.

Reportedly, the unpaid supplier's debt exceeds 6 billion yuan, while the cumulative loss has surpassed 18.3 billion yuan. Court records from March 2025 show that the affiliated company's accounts only have a combined balance of less than 500 yuan indicating a severe cash shortage.

Tensions also arise in the company's ownership structure. Several BUMN shareholders ofbolon New Energy have reportedly advocated structural reforms, including leadership changes, expressing concerns about the company's debt ratio of more than 217 percent and previous expansion strategies.

Overseas expansion

Neta itself has expanded in various countries, and has even operated three component factories at the international level. Horon operates factories with CKD models in Bangkok and Indonesia, with facilities in Thailand starting operations in 2024.

With this breath of fresh air, of course, it is something that really helps Neta, especially since this Chinese manufacturer is also present in Indonesia and removes at least concerns about independence.