EV maker Neta’s parent company Hozon Auto is considering cutting 400 jobs in Thailand, reports The Nation, as just 6,534 Neta V, V-II and X (pictured) units found Thai homes from January to November 2024 (-45.8% year-on-year).
Citing an unnamed news source, the English-language daily said the 400 jobs encompassed employees of both Neta Auto (Thailand) and Bangchan General Assembly – Neta’s first outside-China plant – although according to the Thai Enquirer, only the plant’s jobs will be affected.
Hozon Auto is reportedly suffering a liquidity problem due to declining sales, forcing it to suspend production at its Zhejiang, China factory and cut jobs.
Citing business intelligence platform Creden Data, The Nation reports that Neta Auto (Thailand) suffered a 1.8 billion baht (RM236 million) net loss in 2023 versus a 80.77 million baht (RM10.61 million) profit in 2022, and in the five years since its establishment (2019-2023), revenue and losses are respectively at 7.78 billion baht (RM1.02 billion) and 1.72 billion baht (RM226 million).
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