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On May 13, Shanghai Yuxing Advertising Co., Ltd. filed for bankruptcy review against Nezha Automobile's parent company, Hozon New Energy Auto Co., Ltd. This application was duly accepted by the Intermediate People's Court of Jiaxing, Zhejiang Province. Hozon New Energy, established in 2014 with a registered capital of approximately RMB 2.837 billion, is the proprietor of the smart electric vehicle brand Nezha Automobile. In recent times, Nezha Automobile has been grappling with dwindling sales and deteriorating financial health, accumulating losses that exceed RMB 18 billion. Additionally, the company is beleaguered by various challenges, including unpaid wages, staff layoffs, and disputes over dealer rights protection. This bankruptcy review case has only served to cast further doubt on the uncertain future of Nezha Automobile.
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