Core Viewpoint - The internal crisis at Nezha Auto has been publicly exposed, with CEO Fang Yunzhu confronted by employees demanding unpaid wages, highlighting the company's ongoing operational difficulties and financial instability [2][3][9] Group 1: Labor Disputes - Employees surrounded CEO Fang Yunzhu in the office demanding wages, indicating a severe labor dispute [2][3] - The company has implemented a work-from-home policy and restricted access to the office, suggesting a deteriorating internal environment [2] - Previous signs of trouble included mass layoffs, salary cuts, and delays in payments to suppliers, which have been ongoing since late 2024 [3] Group 2: Financial Challenges - Nezha Auto's debt restructuring plan, including a debt-to-equity swap, has reportedly failed, exacerbating financial difficulties [4] - Potential investors have indicated that the removal of Fang Yunzhu is a prerequisite for new funding, although the company has denied these claims [4] - The company's overseas operations, particularly in Thailand, are facing significant challenges, including layoffs and a shrinking dealer network [5][6] Group 3: Customer Service Issues - Customers are experiencing severe difficulties in vehicle maintenance and repair, with many service centers no longer operational [6][7] - Complaints from car owners about the unavailability of necessary parts and services have surged, indicating a collapse of the after-sales service system [6][7] - There are concerns about the unauthorized sharing of customer information with third-party repair services, raising privacy issues [7] Group 4: Industry Implications - The situation at Nezha Auto reflects broader challenges within the Chinese electric vehicle market, particularly for second-tier manufacturers facing intense competition and financial strain [8][9] - The ongoing crisis serves as a warning for the industry, highlighting the risks associated with capital depletion and strategic missteps in a rapidly evolving market [8][9]

Core Insights - The recent bankruptcy examination case of Neta Auto's parent company, Hozon New Energy, has created significant turmoil in the automotive industry, affecting not only Neta Auto but also its dealers [1] - Neta Auto has reported cumulative losses exceeding 18 billion yuan over the past three years, with a projected 40% year-on-year decline in sales for 2024 [1] - The company is facing severe internal crises, including a total of 85 frozen equity cases and an executed amount exceeding 1.65 billion yuan, leading to bank loan withdrawals and employee social security payment interruptions [1] Financial Performance - Neta Auto's cumulative losses over the last three years have surpassed 18 billion yuan [1] - Projected sales for 2024 are expected to drop by 40% year-on-year, with only 110 units sold in January 2025 [1] Dealer Challenges - Dealers have invested heavily in the Neta brand but are now facing significant financial difficulties due to issues with vehicle delivery and unfulfilled rebate payments [3] - Some dealers report losses of over 5 million yuan, with average losses per store ranging from 2 to 3 million yuan [3] - The inability to fulfill warranty commitments and the lack of communication between manufacturers and dealers have further complicated the situation [4] Inventory and Market Impact - Following the bankruptcy news, Neta's vehicle prices have plummeted, with new inventory being sold at discounts of up to 50% [5] - The second-hand market for Neta vehicles has become highly risky, with dealers unwilling to purchase due to potential losses [7] - The overall market sentiment has shifted, leading to a cautious approach among dealers regarding brand representation and expansion [7] Industry Context - Neta Auto's struggles reflect broader challenges within the electric vehicle sector, with other brands like WM Motor and Gaohe also facing similar issues [7] - The competitive landscape is intensifying, and dealers are urged to exercise caution and conduct thorough evaluations before committing to new brands [7]

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].

来源 | 凤凰网《风暴眼》 5 月 13 日，一则破产审查公告将哪吒汽车推至悬崖边缘。其母公司合众新能源被上海禹形广告有限公司申请破产重整，暴露了这家昔日新势力"销 冠"的深层危机：三年累计亏损 183 亿元、拖欠供应商超 60 亿元债务、 228 亿元融资灰飞烟灭，甚至被爆出连流量费都无力支付。这场从"黑 马"到"崩塌"的戏剧性转折，揭示了新能源汽车行业洗牌的残酷真相。 凤凰网科技从哪吒汽车内部人士处获悉，此次破产申请仅为司法程序中的正常受理动作，"经过法律程序且未得到清偿的债权人都有权向法院申请破 产，主要诉求是进行清算，做财产保护"，但需要注意的是，后续还需等待法院裁定是否进入审查程序。"破产实际上是一个非常复杂的事情"。 01 广告商的"倒戈"：500万欠款如何压垮百亿帝国？ 爱企查显示，此次破产案件的申请者上海禹形广告有限公司成立于 2016 年 10 月，法定代表人为安堃，注册资本 100 万，经营范围包括广告发 布、广告制作、市场营销策划等，由安堃、上海行尚文化传播有限公司共同持股。 一位上海禹形广告有限公司员工向 凤凰网《风暴眼》 透露，该公司曾负责哪吒汽车的媒体发布会及营销业务。因 千万元级 ...