造车黑马被“破产”内幕：烧光228亿，被广告商“500万逼宫”

Core Viewpoint - The bankruptcy application of Neta Auto's parent company, Hozon New Energy, highlights the severe crisis facing the once-promising new energy vehicle company, revealing a harsh reality of industry reshuffling and financial mismanagement [1][16]. Group 1: Financial Crisis - Hozon New Energy has accumulated losses of 18.3 billion yuan over three years, with debts exceeding 6 billion yuan owed to suppliers and a total financing of 22.8 billion yuan lost [1][14]. - The company has faced multiple legal disputes, with over 90 enforcement actions and a total amount exceeding 140 million yuan, alongside several consumption restrictions and equity freezes [4][11]. - As of March 2025, Hozon reported only 320 million yuan in cash against short-term debts exceeding 2 billion yuan, indicating a critical cash flow crisis [13]. Group 2: Operational Challenges - Neta Auto's sales peaked at 152,000 units in 2022 but plummeted to 64,500 units in 2024, with a staggering 97.76% drop in January 2025 sales to just 110 units [11][13]. - The company has implemented layoffs, salary cuts, and factory shutdowns in response to declining sales and financial strain [11][13]. - A recent incident involving the company's app and website going offline due to unpaid data fees has raised concerns about internal management and customer trust [14]. Group 3: Leadership and Strategic Issues - The internal conflict between former CEO Zhang Yong and investor Zhou Hongyi has been a focal point, with Zhang's departure to the UK amid ongoing financial troubles [9][11]. - Hozon's strategy has shifted from a low-cost model to a focus on high-end markets, leading to internal strategic discord [11][12]. - The company's marketing efforts have been criticized for prioritizing visibility over product quality, which has contributed to its declining brand strength and sales performance [14][16].