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 filing of Neta Auto's parent company, Hozon Auto, highlights the severe financial crisis faced by the once-prominent new energy vehicle manufacturer, revealing a total loss of 18.3 billion yuan over three years and debts exceeding 6 billion yuan owed to suppliers, amidst a dramatic decline in sales and operational challenges [3][12][15]. Group 1: Financial Crisis - Hozon Auto has accumulated losses of 18.3 billion yuan over three years, with a cash flow deficit that has led to severe operational issues, including layoffs and factory shutdowns [12][13]. - The company has over 90 enforcement actions against it, with total amounts exceeding 140 million yuan, and multiple restrictions on consumption and frozen equity [8]. - Neta Auto's sales have plummeted from 152,000 units in 2022 to just 6,450 units in 2024, with a staggering 97.76% drop in January 2025 sales [11][12]. Group 2: Legal and Operational Challenges - Shanghai Yuxing Advertising Co. filed for bankruptcy reorganization against Hozon Auto due to unpaid debts exceeding 5 million yuan, leading to legal proceedings that could determine the company's fate [6][9]. - The company faces numerous legal disputes, including contract disputes with suppliers, which have further strained its financial situation [9][12]. - Neta Auto's operational issues were exacerbated by a recent app outage attributed to unpaid data fees, highlighting internal management failures [13][14]. Group 3: Leadership and Strategic Issues - The relationship between former CEO Zhang Yong and investor Zhou Hongyi has been tumultuous, with public disputes affecting company morale and strategy [11][12]. - Zhang Yong's departure to the UK and the subsequent leadership changes have raised concerns about the company's direction and ability to recover from its financial troubles [11][15]. - The company's initial low-cost strategy, which was thought to replicate Tesla's success, has instead led to significant financial losses and operational challenges, drawing parallels to other failed ventures in the industry [6][12].