以下文章来源于晚点Auto ，作者晚点团队 晚点Auto . 从制造到创造，从不可能到可能。《晚点LatePost》旗下汽车品牌。 7 月下旬，丁酩在宁波的吉利汽车第二制造基地，全款买到一辆紫色长续航版极越 07。 此时距离极 越汽车突然崩盘已经过去大半年。 数百辆灰头土脸的极越 01 和 07 库存车，停放在一大片空场区域。丁酩坐进挑选的新车，前挡风玻 璃脏到什么也看不见。还好，车上的玻璃水还能用。 他对这样的提车环境倒是有预期，庆幸车内饰是干净的，四个座椅都还套着防尘罩。提车价 16 万 元，相当于 22.99 万元原价打了个 7 折，算上卖旧车和政府以旧换新补贴，丁酩买这台 "爆雷车" 实际花了 14 万元。 "100 度的三元锂电池，这个配置 20 万以内是绝无仅有的。" 虽然家人并不赞成这个决定， 30 岁 的丁酩 觉得倒是不用说服他们，"反正我自己出钱，想买哪个就买哪个"。他还告诉我们，近一个 月，吉利工厂已经卖出了六七十台极越的库存车。 来源丨晚点Auto 作者丨郭瑞婵、司雯雯 编辑丨 王姗姗 图源丨Midjourney 7 月下旬，丁酩在吉利汽车宁波杭州湾第二制造基地看到的大量极越库存车 新能 ...

Core Viewpoint - The article discusses the phenomenon of young consumers purchasing "exploded" electric vehicles at significantly discounted prices, highlighting a shift in consumer perception towards automotive purchases and the impact of market dynamics on pricing strategies [5][7][28]. Group 1: Market Dynamics - The electric vehicle (EV) market is experiencing a brutal price war, with companies like BYD offering substantial discounts on popular models, prompting competitors like Geely and Xpeng to follow suit [7][14]. - The emergence of "exploded" vehicles, which are models from companies that have faced financial difficulties, has led to significant price reductions, making them attractive to budget-conscious consumers [9][14]. - The article notes that the pricing strategy in the EV market is less stable compared to traditional vehicles, with configurations and features becoming the primary focus for consumers rather than brand loyalty [27][28]. Group 2: Consumer Behavior - Young consumers are increasingly willing to purchase vehicles from companies that have faced bankruptcy, viewing the products as having good value due to their features and specifications, rather than being deterred by the brand's financial issues [23][28]. - The article highlights that many buyers are motivated by the desire for high-specification vehicles at lower prices, leading them to compare their purchases against higher-priced models [14][28]. - The perception of vehicles as disposable and the willingness to change cars every few years has shifted consumer attitudes, making them less concerned about long-term brand reliability [8][25]. Group 3: Vehicle Specifications - The article provides a comparison of specifications between various models, indicating that "exploded" vehicles often offer features that rival those of higher-priced competitors, such as large batteries and advanced technology [15][14]. - For instance, the Geely Extreme 07 offers a C-class space and a large battery at a price point of 140,000 yuan, which is significantly lower than similar models from competitors [14][15]. - The article emphasizes that the current EV market is characterized by "over-specification," where vehicles are equipped with features that were previously exclusive to higher-end models [27][28]. Group 4: Sales Channels and Challenges - Following the bankruptcy of certain manufacturers, traditional sales channels have been disrupted, leading consumers to seek vehicles through non-official channels, which can complicate the purchasing process [21][18]. - The article mentions that buyers often face challenges in verifying the condition of vehicles and ensuring proper warranty coverage, as many of these transactions occur outside of established dealership networks [21][22]. - Despite the risks, many consumers are willing to navigate these challenges, believing that the potential savings outweigh the uncertainties associated with purchasing "exploded" vehicles [23][25].

Core Viewpoint - The article discusses the phenomenon of young consumers purchasing "exploded" electric vehicles at significantly discounted prices, highlighting a shift in consumer perception towards automotive purchases and the impact of recent market dynamics on pricing and value perception [9][28]. Group 1: Market Dynamics - The electric vehicle industry has seen several companies, including HiPhi, Jidu, and Neta, face financial difficulties, leading to a significant drop in prices for their inventory and second-hand vehicles [7][28]. - The ongoing price war in the new car market has prompted manufacturers like BYD to offer substantial discounts, further influencing consumer behavior [7][8]. - The competitive landscape has resulted in electric vehicles being offered with high-end configurations at lower price points, making them attractive to budget-conscious consumers [14][27]. Group 2: Consumer Behavior - Young consumers are increasingly willing to purchase vehicles from companies that have faced financial difficulties, viewing the discounted prices as an opportunity rather than a risk [23][28]. - The perception of vehicles has shifted from being long-term investments to more disposable assets, with consumers now expecting to change cars every 3 to 5 years [25][28]. - Many consumers prioritize product features and specifications over brand loyalty, leading them to compare vehicles based on their configurations rather than the reputation of the manufacturer [28]. Group 3: Purchase Process - The process of purchasing "exploded" vehicles often involves navigating non-official channels, with consumers needing to verify the condition and legitimacy of the vehicles [21][22]. - Consumers have reported varying experiences in securing financing and insurance for these vehicles, often facing challenges due to the lack of official support from the manufacturers [20][21]. - The article highlights the importance of thorough research and due diligence when purchasing these vehicles, as many buyers are taking risks in hopes of securing a good deal [23][24]. Group 4: Future Outlook - Despite the challenges faced by companies that have "exploded," many are still operational and seeking restructuring, indicating a potential for recovery in the market [26][28]. - The article suggests that the evolving consumer mindset and competitive pricing strategies may continue to shape the electric vehicle market, leading to further innovations and changes in consumer purchasing behavior [27][28].

Core Insights - Neta Auto, once hailed as a "dark horse" in the new energy vehicle sector, is facing its biggest crisis since its inception, with its parent company, Hozon New Energy, initiating bankruptcy restructuring procedures [2][3] - The company has experienced a dramatic decline in sales, with a 63% drop in annual sales and an asset-liability ratio exceeding 85%, indicating severe financial distress [3][4] - Neta Auto's strategic missteps, particularly in transitioning from low-end to high-end markets, have led to a dual predicament of failing to establish a strong brand while losing its foothold in the low-end segment [3][4] Financial Situation - Neta Auto is in a precarious financial state, with significant debts owed to key suppliers, leading to a chain debt crisis [4][6] - The company has implemented a debt restructuring plan where 70% of supplier debts are converted into equity, reflecting a dire cash flow situation [4][6] - Production capacity is underutilized, with actual utilization below 30% of the planned 350,000 units, and the headquarters factory currently inactive [4][6] Market Dynamics - The restructuring process is a race against time, with a deadline of July 30 to secure strategic investors and resume production by Q4 2024 [6][10] - The competitive landscape in the Chinese new energy vehicle market is intensifying, with many companies struggling to survive, making it challenging for Neta Auto to attract long-term capital [6][10] - The market is evolving towards oligopoly competition, with a significant reduction in the number of viable players expected in the next three years [10][11] Technological Challenges - Neta Auto's R&D investment has been consistently below 5% of revenue, significantly lower than the industry average of 15%, resulting in technological lag [7][10] - The company faces challenges in launching competitive products by 2026, which is critical for its survival in a rapidly evolving market [7][10] Industry Implications - Neta Auto's struggles reflect broader challenges within the new energy vehicle industry, which is transitioning from a phase of rapid expansion to one focused on efficiency and resilience [9][10] - The fate of Neta Auto will serve as a litmus test for other companies in the sector, highlighting the necessity for sustainable business practices and technological advancement [10][11] - The ongoing crisis emphasizes the importance of a robust industrial ecosystem for the long-term success of the Chinese new energy vehicle market [11]

Core Viewpoint - Neta Auto is facing significant operational challenges, including the potential removal of its founder and CEO, as well as a series of negative events impacting its brand and financial stability [1][5][14]. Group 1: Company Operations and Management - The logo of Neta Auto was removed from its Shanghai headquarters, indicating a decline in brand presence [1]. - The company's founder, Fang Yunzhu, is facing a motion for removal from his position as chairman and CEO, driven by state-owned shareholders [5]. - Neta Auto has experienced a series of leadership changes, including the departure of its overseas head and other executives, which has disrupted operations [10][12]. Group 2: Financial Performance - Neta Auto's sales dropped significantly, with 2024 cumulative sales at 64,549 units, a 49.37% decrease from 127,496 units in 2023 [7]. - The company reported cumulative losses of 18.373 billion yuan from 2021 to 2023, with a single-year loss of 6.867 billion yuan in 2023 [7]. - As of the end of 2023, Neta Auto had only 2.836 billion yuan in cash against short-term debts of 15.4 billion yuan [7]. Group 3: Market Position and Strategy - Neta Auto was once a market leader in 2022 but has seen its market share decline to less than 40% within two years [4][7]. - The company's attempt to shift towards high-end models has failed, with significant drops in sales for its new series [10]. - The strategic decision to expand into overseas markets has not yielded expected results, with low penetration rates and disrupted supply chains [12][14]. Group 4: Industry Implications - The situation at Neta Auto highlights the vulnerabilities of new energy vehicle companies that rely heavily on capital infusion and low-price strategies [15]. - The challenges faced by Neta Auto serve as a warning to other new energy vehicle manufacturers about the increasing survival challenges in the market [15].

Core Points - The article highlights the systemic issues faced by electric vehicle owners, particularly those from struggling brands like Neta, which have led to a significant number of "orphaned cars" [5][19] - It emphasizes the lack of after-sales service and support for these vehicles, raising concerns about consumer rights and the sustainability of the electric vehicle market in China [8][29] Group 1: Issues Faced by Electric Vehicle Owners - Many Neta car owners experienced connectivity issues with their vehicles, rendering them unusable and leading to frustrating situations such as being locked out of their cars [1] - The financial troubles of car manufacturers have resulted in warranty voids and lack of support for critical components like batteries, leaving owners feeling abandoned [3][19] - A total of 500,000 orphaned cars have emerged from various struggling brands, creating a significant challenge for owners regarding maintenance and parts availability [5][19] Group 2: Market Dynamics and Trends - Neta's sales have plummeted by 50% in 2024, with cumulative losses exceeding 18 billion yuan, indicating severe operational challenges [8] - The article notes that the electric vehicle market is undergoing a consolidation phase, with many brands facing extinction while a few are thriving [15][19] - The shift away from 3G networks has further complicated the situation, as many older vehicle systems are now inoperable, leading to widespread complaints from consumers [15] Group 3: Legal and Regulatory Concerns - The article discusses the inadequacies of current regulations in protecting consumers, particularly in the event of a manufacturer's bankruptcy [8][29] - Experts suggest that a third-party organization could help mediate and resolve issues related to after-sales service and parts supply, but practical implementation remains challenging [25][26] - There is a call for stronger policies and regulations to ensure that consumers are better protected in the rapidly evolving electric vehicle market [23][32]

Core Viewpoint - The article discusses the challenges faced by Nezha Auto, highlighting its financial struggles, management changes, and the competitive landscape in the Chinese electric vehicle market. It emphasizes the need for Nezha Auto to adapt and innovate to survive in a saturated market. Group 1: Financial Struggles - Nezha Auto has experienced significant financial difficulties, with a funding gap of approximately 7 billion yuan and total liabilities nearing 10 billion yuan as of November last year [3][4] - Cumulative losses from 2020 to 2022 reached 11.14 billion yuan, with a loss of 45,000 yuan for each vehicle sold in 2022 [11][12] - By the end of 2023, losses expanded to 6.75 billion yuan, with cash and cash equivalents reduced to 2.83 billion yuan [16] Group 2: Management Changes - CEO Zhang Yong was replaced amid internal layoffs and salary cuts, indicating severe internal and external pressures [3][17] - The founder, Fang Yunzhu, returned to the forefront to address the company's challenges, but rebuilding trust with consumers, investors, and suppliers will be a lengthy process [17][20] Group 3: Market Position and Competition - Nezha Auto initially thrived by capturing the low-end electric vehicle market, achieving sales of 152,000 units in 2022, surpassing competitors [4][10] - However, the market has become increasingly competitive, with stronger brands like BYD and Tesla leading price wars, forcing Nezha Auto to react rather than proactively compete [11][21] - The company has struggled to differentiate its products and maintain cost control, leading to a loss of market share to newer entrants with better offerings [10][11] Group 4: Strategic Shifts - Nezha Auto is attempting to pivot towards the mid-to-high-end electric vehicle market, investing 2 billion yuan in a new vehicle platform [13][14] - The launch of new models, such as Nezha S and Nezha GT, has not met sales expectations, with the S model selling only 24,000 units in 2023 [14][15] - The company is also focusing on international expansion, aiming for overseas sales to account for half of total sales within two to three years [20][21]

Core Viewpoint - The recent bankruptcy application of Neta Auto's parent company, Hezhong New Energy, highlights the brutal elimination race within the electric vehicle (EV) industry, exposing the collapse of capital bubbles and pushing 400,000 Neta car owners into a struggle for their vehicle rights [1][8]. Group 1: Industry Challenges - The bankruptcy of multiple EV companies, including Neta, WM Motor, and others, reveals deep-seated contradictions in the industry's shift towards smart technology [1][8]. - The reliance on continuous technical support for smart vehicles poses a risk of "disconnection" for vehicle systems if companies go out of business, leading to frequent malfunctions and service disruptions [3][8]. Group 2: Maintenance and Repair Issues - The collapse of the supply chain post-bankruptcy results in over 90% shortage of critical components like batteries and motors, leading to extended repair times of up to three months [4][5]. - Vehicle owners face exorbitant repair costs, with battery replacement for second-hand vehicles reaching 40,000 to 50,000 yuan, often exceeding the vehicle's residual value [4][5]. Group 3: Insurance Market Response - Many insurance companies have classified Neta vehicles as high-risk, resulting in a 40% increase in premiums, while some refuse to provide commercial insurance for vehicles from defunct companies [5][6]. - The promises of "lifetime warranties" made by manufacturers become void post-bankruptcy, leaving owners in a precarious position with no repair options [5][6]. Group 4: Market Implications - The bankruptcy of EV companies not only affects individual owners but also poses a significant challenge to the health of the second-hand vehicle market, with drastic drops in resale values [5][6]. - The lack of available parts and repair services leads to a cautious approach from consumers, further depressing the second-hand market [5][6]. Group 5: Solutions and Recommendations - There is an urgent need for collaboration among stakeholders to address the post-market challenges, including establishing a supply of vehicle parts and creating after-sales service funds [7][8]. - Consumers are advised to choose well-established brands with robust after-sales support to mitigate risks associated with purchasing EVs from less stable companies [7][8].

Core Viewpoint - Nezha Auto is facing a new wave of public scrutiny due to issues with its app and website, following previous controversies related to management and operational challenges [2][8]. Group 1: Recent Issues - On May 4, the topic "Nezha Auto App Disconnection" trended on Weibo, with a reading volume of 6.17 million by May 6 [3]. - Users reported problems such as "APP disconnection," inability to use remote control features, and halted data updates on May 2 [3][4]. - The app displayed "network exception" messages, and users encountered "HTTP 502 Bad Gateway" errors when attempting to log in [4][7]. Group 2: Brand Trust and Reputation - The series of technical issues has led to a decline in consumer trust in Nezha Auto's brand, with negative discussions about its "brand vitality" and user base surfacing online [8]. - Previous incidents in April and January also highlighted ongoing issues with the app and website, contributing to a negative perception of the company [7]. Group 3: Company Response and Recovery Efforts - By May 5, the reported issues with the app and website were resolved, with Nezha Auto attributing the problems to a system fault rather than a lack of oversight during the holiday [9][10]. - Nezha Auto's CEO, Fang Yunzhu, has initiated a series of reforms aimed at restoring the company's reputation and operational efficiency, including a plan for employee stock ownership and expansion into international markets [15][16]. Group 4: Future Outlook - Nezha Auto aims to achieve profitability by 2026 and plans to balance its sales between domestic and international markets within the next 2-3 years [15]. - The company has already established partnerships in Bolivia and Indonesia, indicating a strategic push into overseas markets as a growth driver [16].

Core Viewpoint - Neta Auto has faced significant operational issues, including app failures and website outages, which have led to widespread customer dissatisfaction and raised concerns about the company's financial stability [1][4][6]. Group 1: App and Website Issues - During the May Day holiday, Neta Auto's app experienced a crash, preventing users from locking their cars and accessing essential features [3][4]. - The company initially attributed the app's failure to a lack of maintenance during the holiday, but later clarified that it was due to a system fault, not a payment issue [6][7]. - This incident is not isolated; Neta Auto has a history of app and website malfunctions, including previous outages and system maintenance notifications [6][8]. Group 2: Financial and Operational Challenges - Neta Auto has been under financial strain, facing allegations of unpaid wages, layoffs, and debts to suppliers, which have led to dealer protests [7][9]. - The company's sales performance has declined, with only 8.6 million vehicles delivered in the first three quarters of 2022, achieving only 28.63% of its annual target [8]. - Financial losses have increased from 4.84 billion yuan in 2021 to 6.867 billion yuan in 2023, with total losses exceeding 18 billion yuan over three years [8][9]. Group 3: Strategic Responses - To address its financial difficulties, Neta Auto is exploring international markets, including plans for localized production in Thailand with a credit line of 21.5 million yuan [9]. - The company has also signed a debt-to-equity agreement with 134 core suppliers to alleviate its debt burden, with expectations of new funding from a Series E financing round [9].