深度 | 从B端之痛到流量陷阱 谁来“救赎”哪吒汽车？

Core Viewpoint - Neta Auto, once a promising player in the Chinese electric vehicle market, is facing significant challenges, including declining sales, internal conflicts, and strategic missteps, leading to its current financial distress and potential restructuring [1][2][3][4][5][6][7][8][10][18]. Group 1: Company Background and Initial Success - Neta Auto was established in 2017 and quickly gained traction, becoming a significant player in the new energy vehicle sector, achieving sales of 127,000 units in 2024, which was only half of its initial target [1][3][4]. - The company initially focused on B-end markets, securing large orders from ride-hailing and car rental companies, which helped it gain early market presence [4][5]. Group 2: Financial Challenges and Strategic Missteps - Neta Auto's financial struggles intensified after its major investor withdrew support in 2018, leading to a need for new funding sources [5][6]. - The company underwent multiple rounds of financing, raising 3 billion yuan from various state-owned enterprises, but its capital structure became overly fragmented, complicating decision-making [6][7][8]. - Neta Auto's attempt to pivot to high-end markets with models like Neta S and Neta GT failed, resulting in poor sales and further financial losses [10][11][12][13]. Group 3: Internal Conflicts and Management Issues - Internal conflicts and frequent management changes hindered Neta Auto's strategic execution, leading to missed opportunities and inefficiencies [12][14][15]. - The company's marketing strategies, heavily reliant on celebrity endorsements, did not yield the expected results, and internal disagreements over product direction further complicated its recovery efforts [15][16][17]. Group 4: Current Situation and Future Prospects - As of 2024, Neta Auto is in a precarious position, with significant layoffs and management changes, including the resignation of its CEO [18]. - Despite its challenges, there is still interest from potential investors, with 66 parties expressing interest in restructuring the company, indicating that Neta Auto's brand still holds some value in the market [18].