Reported about 15 hours ago
Zhejiang Hozon New Energy Automobile Company, known for its Neta Auto brand, has officially entered bankruptcy proceedings following a petition by one of its creditors. Amid continuous financial difficulties and falling sales, Hozon had been attempting to reduce operational costs and secure additional funding, which ultimately did not materialize in time. This makes Hozon one of the early significant victims of the intense price competition in China's expanding new energy vehicle market.
Source: YAHOO