让供应商当股东，哪吒汽车的故事还能讲多久

Core Viewpoint - Neta Auto is facing severe financial difficulties, with liabilities nearing 10 billion yuan, and is attempting to restructure its debt by converting a significant portion into equity for its suppliers, while seeking new investments to avoid bankruptcy [3][4][10]. Financial Situation - Neta Auto is currently unable to repay its debts to financial institutions and suppliers, leading to a restructuring plan that includes a proposed E-round financing of approximately 4-4.5 billion yuan [3][4]. - The company has a debt-to-equity conversion plan where 70% of the suppliers' debts will be converted into equity, and the remaining 30% will be repaid in interest-free installments over 15 months [3][4][5]. Supplier Relations - Suppliers hold nearly two-thirds of Neta Auto's total liabilities, with the largest creditor being the suppliers themselves [4]. - The debt-to-equity conversion is based on a pre-investment valuation of 6 billion yuan, allowing suppliers to convert their debts into shares at a favorable rate [4][5]. Company Strategy - Neta Auto is shifting its focus towards overseas markets, with significant sales in Thailand and plans for expansion in South America [13][14]. - The company aims to adopt a production model based on orders rather than mass production, which will help manage costs and align with demand [14]. Management's Perspective - The founder of Neta Auto expressed regret over the company's shift towards high-end markets, which led to a loss of its original customer base [11][12]. - The management is optimistic about the potential for recovery through the debt restructuring and new investment, emphasizing a commitment to profitability rather than competing in the crowded domestic market [14][15].