Neta Auto, which has long faded from the public eye, has once again made headlines in recent days. Public information indicates that the production machinery and equipment at Neta Auto's Nanning, Guangxi, base are currently being auctioned on an auction platform, with a starting bid of 60.3079 million yuan. Neta Auto initially poured a substantial 3.5 billion yuan into these assets.

A comparison of two sets of data reveals that the starting price for the production machinery and equipment at Neta Auto's Nanning base is startlingly low, and it's no exaggeration to call it a fire sale. Despite this, as of July 27th, no bidders had stepped forward. Whether the auction will end in failure remains to be seen.

Since the rise of new energy vehicles, a considerable number of domestic new car manufacturers have gone under. However, in the eyes of CheKuaiping, if one were to pinpoint which new car manufacturer's downfall is truly lamentable, it would undoubtedly be Neta Auto. Why do we say so? Let's delve deeper into the analysis.

Neta Auto was among the earliest batch of domestic new car manufacturers, established in October 2014, around the same time as NIO, Xpeng, and Li Auto. Not only was it an early entrant, but Neta Auto had already secured vehicle production qualifications before the official launch of the Neta brand in 2017. From this vantage point, it could be said that Neta Auto had an even more flawless start than NIO, Xpeng, and Li Auto.

At the Guangzhou Auto Show in November 2018, Neta Auto unveiled its first compact pure electric SUV, the Neta N01. Subsequently, it rolled out several models, including the Neta V, Neta U, Neta S, and Neta GT.

In January 2022, Neta Auto celebrated the roll-off of its 100,000th vehicle. Among new car manufacturers, it was the fourth to reach this milestone at the fastest pace, trailing only NIO, Xpeng, and Li Auto, and more than five months ahead of Leapmotor.

But that's not all; Neta Auto's peak came in 2022 when it sold 152,000 vehicles annually, making it the sales champion among domestic new car manufacturers. Moreover, Neta Auto was the first among all new car manufacturers to achieve annual sales exceeding 150,000 vehicles.

Initially, it was believed that Neta Auto could closely follow in the footsteps of NIO, Xpeng, and Li Auto, walking side by side with Leapmotor. However, unforeseen events soon unfolded.

In both 2023 and 2024, Neta Auto experienced significant sales declines. Particularly in 2024, sales plummeted from 127,500 vehicles in 2023 to 64,500 vehicles, marking a nearly 50% drop. Alongside the sales slump, a series of negative news emerged in 2024, including overdue payments to suppliers, a broken capital chain, unpaid employee salaries, and factory shutdowns.

Finally, in June 2025, Neta Auto officially entered bankruptcy reorganization.

Although Zhou Hongyi and 360 Company attempted to rescue Neta Auto during this period, and it enjoyed a surge in online traffic and attention for a while, Neta Auto ultimately failed to overcome the crisis and faced bankruptcy. According to online rumors, the reason was long-standing internal friction between Fang Yunzhou, the founder and chairman of Neta Auto, and Zhang Yong, the then CEO of Neta Auto.

Zhang Yong advocated for a low-price and B-end strategy, whereas Fang Yunzhou and Zhou Hongyi aimed for Neta Auto to target the high-end market. Zhou Hongyi even proposed a strategic vision of brand elevation, urging Neta Auto to completely shed its 'cheap label.'

In the end, the internal strife among top management completely unraveled Neta Auto, the former sales champion among new car manufacturers.

Nowadays, both Fang Yunzhou and Zhang Yong have been listed as dishonest individuals subject to enforcement and rarely make public appearances. Zhou Hongyi, whose online presence was once on par with Lei Jun's, has also completely disappeared from the automotive circle.

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