24.06.2025 (04:30 PM) Htate

Chinese company Hozon New Energy Automobile, which makes the Neta EV brand, has filed for bankruptcy, Reuters reported, citing Chinese state broadcaster CCTV.

Hozon New Energy Automobile, the owner of the Chinese electric car brand Neta, filed for bankruptcy on Thursday, state broadcaster CCTV reported on Friday, and said it had closed several Neta stores in Shanghai.

NETA Auto Myanmar by GSE, which sells the Neta EVs, responded to some inquiries on its social media channels by saying it was continuing to produce and sell the cars for the overseas market.

NETA Auto Myanmar by GSE also said on its social media channels on June 12 that the Chinese government would lead a restructuring of NETA on June 12. After the restructuring, the company plans to continue operating under new management with new investments in the coming months. During the restructuring, NETA’s overseas operations outside of China will continue to operate as normal, and the company plans to produce and sell three new mass-market car models priced between 7.5 and 1.5 billion kyats between 2027 and 2028, the company said.