On April 18, a viral video emerged featuring Neta Auto's founder and chairman, Fang Yunzhou, bowing in apology to dealers and suppliers. In the clip, Fang Yunzhou pledged to swiftly address the ongoing issues. This video was reportedly captured during a meeting Fang Yunzhou held with dealers, according to industry insiders.
At the Thai dealer conference, Zhang Xiaodong, co-president of Neta Auto, shared that the company's self-rescue initiatives were gaining momentum. Notably, the debt-to-equity swap with suppliers had yielded significant results, paving the way for attracting external investments. Neta Auto further disclosed that the lead investor's Series E funding of RMB 3 billion is anticipated to arrive in April, aiming to fully restart production and bolster future growth.
