Original by New Energy Outlook (ID: xinnengyuanqianzhan)

2718 words, 8-minute read

Imagine picking up your new car only to discover that the automaker has vanished. Alarming as it sounds, this scenario is playing out in China's automotive market.

GeeX, an early casualty of the market's first "reshuffling" round, announced on January 17 that refunds for users who have paid deposits or down payments but haven't collected their cars, and meet refund conditions, will commence on January 22.

Looking back at 2024, GeeX was far from alone in failing to survive the "bankruptcy wave."

In February 2024, HiPhi halted production. In June of the same year, a multimedia platform revealed that Hozon Auto had been unable to provide maintenance for months; on January 10, 2025, GAC Motor announced it would take over Hozon Auto's after-sales service. Clearly, Hozon Auto had also fallen.

Image/GAC Motor Announcement
Source/Internet Screenshot by New Energy Outlook

Neta Auto's story seems increasingly grim. With unpaid wages, layoffs, production halts, and even a crashed official website, Neta is mired in a public opinion crisis. Despite its official account inviting consumers to join them on a journey, how many will trust them with their hard-earned money?

Every "unfinished car" on the streets tells a heartbreaking tale, warning potential buyers which brands to avoid.

1. Driving Anxiety: Maintenance Nightmares

At the end of 2024, news of GeeX's bankruptcy came as a shock to Chen Zhidong (pseudonym), who had picked up his car less than a week earlier.

"When I bought the GeeX 07, my family opposed it, but I believed electric cars were evolving quickly. When better intelligent driving technologies emerged, I'd upgrade. Plus, GeeX, backed by a major manufacturer, was new and had just launched a model. I never thought it would go bankrupt."

Chen Zhidong now feels like homeowners who discover their dream homes are unfinished after the developer disappears, leaving them powerless.

He says he hasn't driven his GeeX 07 since the bankruptcy, except for registration. It's not about car quality; he's afraid if he drives it and has an accident, it won't be repairable.

Image/GeeX 07
Source/Photographed by New Energy Outlook

Chen's concerns are valid. A joint open letter from GeeX owners on the "GeeX Silent - We Have a Voice" public account reveals weak after-sales service despite Geely's backing, with numerous complaints.

"They say there are repair places, but parts need to arrive, and when asked about the wait, the answer is always uncertain."
"The intelligent driving function stopped working. When I went to the Geely-arranged repair store, they said testing equipment wasn't ready, and I'd have to wait."
"Points in the GeeX APP mall can't be redeemed, and free charging services became empty promises overnight."

As consumers were still reeling from GeeX's bankruptcy, Hozon Auto, backed by GAC Motor, also "fell."

Image/Hozon Auto Shutdown
Source/Internet Screenshot by New Energy Outlook

Multiple Hozon Auto owners posted on social media that while their vehicles could be repaired at GAC Motor after Hozon's 4S stores closed, due to low compatibility between Hozon and GAC models, special orders needed to be placed, and waiting times were significantly longer.

"Hozon's promised free maintenance became empty talk. Now, you have to pay for repairs."

Beyond repair issues, earlier "unfinished car" owners warned GeeX and Hozon owners that post-bankruptcy, vehicles become high-risk, and insurance companies may refuse coverage.

On January 6, Neta Auto's brief website crash unnerved owners and potential buyers. "The website's back up, but I'm still scared. I worry my car will also face no after-sales service or insurance coverage."

2. Learning from "Veterans'" Experiences

Some car owners aren't overly concerned about their "unfinished cars" and aren't afraid to drive them.

Guo Ziming (pseudonym), a GeeX 01 owner, said the car still needs to be driven, and it'd be a shame to let something worth hundreds of thousands of yuan sit idle.

Regarding the after-sales repair difficulties complained about in GeeX owner groups, Guo said he's not unafraid.

After deliberation, he pasted "Rare car, extremely expensive repairs, please stay away" on the car's rear.

Image/GeeX Rear Sticker
Source/Provided by the car owner

"Every time I drive, I'm on edge, afraid of collisions and difficult repairs. I just hope to drive it smoothly until it's scrapped and this fearful life ends."

Cai (pseudonym), a "veteran" rare car owner, agreed, "It's no joke. Small scratches are fine, but major accidents might not be repairable."

She was previously a WM Motor EX5 owner but soon after WM Motor's bankruptcy, her car was involved in a collision. After visiting multiple repair shops, she learned there were no matching parts and it couldn't be repaired.

Image/WM Motor EX5
Source/Internet Screenshot by New Energy Outlook

Ultimately, Cai had to scrap her car and, to minimize losses, disassembled parts and listed them for sale on a second-hand platform.

Besides those keeping their rare cars and planning to drive them until scrapping, many "rare car" owners choose to sell as soon as possible to cut losses. "Although the selling price is much lower than expected, short-term pain is better than long-term suffering. To avoid future trouble, selling sooner is reassuring."

More rare car owners are still driving cautiously while considering repair solutions.

"Veterans" have shared their repair experiences, summarized as follows: First, check nearby repair shops for universal parts or second-hand platforms for disassembled parts; second, post in owner groups or online to seek help from fellow owners.

Relying solely on camaraderie among car owners, without automaker support, is doomed to be challenging in significantly reducing repair time and effort.

Based on this, bankrupt automakers should strive to maintain and extend consumer after-sales rights. Simultaneously, other automakers should take this as a warning and ensure parts quality, preparing a certain number of parts for future consumer repair services as much as possible in vehicle production.

3. Sales as a Measure: Avoiding Obscure Cars in 2025

As new energy vehicle makers collapse one after another, there's not only heartache for their owners but also a gradual loss of consumer trust in obscure brands.

Recently, Liu Kewei (pseudonym) from Tianjin rented a Polestar 4 on the day he ordered a Tesla Model Y.

Image/Polestar 4
Source/Internet Screenshot by New Energy Outlook

Regarding his unconventional action, Liu said initially, he wanted to buy a Polestar 4, but recent frequent bankruptcies of obscure new energy brands made him panic, fearing he might one day have to search for vehicle parts online.

"Nowadays, people's car-buying mindset has evolved, but liking something can't put food on the table. Once there's a bankruptcy, we suffer. After weighing options, I decided to rent a Polestar 4 for a thrill."

Compared to Liu, Xue Qi (pseudonym) seems even more anxious about encountering unfinished car problems, similar to unfinished housing projects. After enduring commuting costs, she failed to experience "cheaper electricity than gasoline." After selling her BMW X1, she chose a Mercedes-Benz C260 L.

Image/Mercedes-Benz C260 L
Source/Internet Screenshot by New Energy Outlook

Multiple recent car buyers revealed their next new energy vehicle will definitely be from top-selling automakers.

But, does buying an obscure brand necessarily mean stepping into a pitfall?

Some consumers believe that with proper research and not being deceived by salespeople and brands, they can avoid unfinished cars and find hidden gems among obscure brands.

"Besides comparing the product and seeing if the brand has major manufacturer backing, you must also look at sales and judge if it has sustainable improvement ability and unique market competitive advantages."

An insider from an automaker revealed that for a brand to achieve economies of scale, according to industry standards, an annual production and sales volume of approximately 500,000 vehicles is required, translating to a monthly sales volume of approximately 40,000 vehicles.

Thus, it can be predicted that with the accelerated elimination race in the new energy vehicle market, if an automaker is still far from achieving monthly sales of 10,000 vehicles, its future financial distress will inevitably intensify.

Taking a comprehensive view, automakers with fluctuating sales performance and consistently failing to break the monthly sales threshold of 5,000 vehicles include Polestar, Gemstone, Leadray, Skywell, JAC YeWei, and EVeritz, among others.

Image/Some automakers whose sales have not exceeded 5,000 vehicles
Source/Internet Screenshot by New Energy Outlook

Some automakers follow the "more children, the better the fight" strategy. Although their total sales are high, certain brands within their portfolio have sluggish sales, and consumers should be cautious as these brands may soon be discontinued, leading to a decline in after-sales service. For example, Great Wall Motors' Ora Black Cat and White Cat have been discontinued, and despite being the new energy vehicle sales champion, BYD's Naval Ship 07 has a monthly sales volume in the triple digits, hinting at inevitable discontinuation.

Image/From top to bottom: White Cat, Black Cat, Naval Ship 07
Source/Internet Screenshot by New Energy Outlook

Additionally, automakers suffering chronic losses should also attract consumers' attention.

Ultimately, the path to avoiding pitfalls when buying a car in 2025 lies with consumers. If we're serious, we should focus on reputable automakers with decent sales.