因产量不达标，哪吒汽车泰国公司20亿泰铢补贴面临退还风险

Group 1 - Neta Auto faces the risk of refunding over 2 billion Thai Baht (approximately 438 million RMB) in subsidies due to failure to meet production targets [2] - The company's local production target for this year is 19,000 vehicles, but as of mid-June, only about 4,000 vehicles have been produced, resulting in a completion rate of less than 30% [2] - The Thai EV3.0 subsidy program requires companies to maintain a 1:1.5 ratio of imports to local production; failure to comply triggers refund clauses [2] Group 2 - The Thai Ministry of Finance has stated that refunds are necessary if companies fail to fulfill subsidy conditions, although companies have until December 2025 to make up for production shortfalls [2] - The Ministry has requested modifications to regulations, requiring companies to submit production compensation plans every two months, with the government having the right to suspend subsidies if compliance is not met [2] - Neta Auto's financial situation is concerning, with only 320 million RMB in cash and short-term debts reaching 2 billion RMB, resulting in a debt-to-asset ratio of 217% as of March 2025 [3] Group 3 - Neta Auto is facing multiple legal lawsuits, along with restrictions on consumption and equity freezes [3] - A bankruptcy case has been added for a related company, with the managing institution being Zhejiang Zicheng Law Firm and the adjudicating court being the Intermediate People's Court of Jiaxing City, Zhejiang Province [3]