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Core Insights - The report highlights that Neta Auto has incurred significant losses over the past three years, totaling 18.4 billion RMB, with annual losses increasing from 4.8 billion RMB in 2021 to 6.9 billion RMB in 2023 [5][24]. - Neta Auto's revenue has shown modest growth, with figures of 5.1 billion RMB in 2021, 13 billion RMB in 2022, and 13.6 billion RMB in 2023, indicating a struggle to achieve profitability [5][24]. - The company has ambitious plans for international expansion, particularly in Southeast Asia, where it ranked among the top three brands in 2023, contributing 12% to its total sales revenue [2][24]. Sales Performance - Neta Auto's sales have declined significantly, with a 18% drop in 2023, selling only 124,000 vehicles, making it the only major new energy vehicle brand to experience negative growth that year [18][23]. - In May 2023, Neta Auto's sales were 10,113 units, reflecting a 22% year-on-year decrease, while competitors like Li Auto and NIO saw substantial growth [21][23]. - The company’s sales target for 2024 is 300,000 units, but as of May 2023, it had only achieved 14.5% of this goal [23]. Financial Health - Neta Auto's gross margin remains negative, with a gross loss of 2 billion RMB in 2023, leading to a gross margin of -14.9%, making it the only new energy vehicle company among its peers not to achieve a positive gross margin [6][7]. - The company reported a loss of 55,000 RMB per vehicle sold in 2023, an increase from 44,000 RMB in 2022, indicating worsening financial performance [10][12]. - As of the end of 2023, Neta Auto had only 2.8 billion RMB in cash, which could be depleted in approximately five months based on current cash burn rates [13][14]. Strategic Outlook - Neta Auto is focusing on international markets to mitigate domestic competition pressures, with plans to expand into Latin America, the Middle East, and Africa after establishing a presence in Southeast Asia [2][24]. - The report suggests that the company’s push for an IPO is driven by urgent funding needs to support operations and new vehicle development amidst a challenging domestic market [15][25]. - The overall sentiment indicates that Neta Auto's current strategy may be a response to intense competition in the domestic market, seeking opportunities in less saturated regions [24].