Neta Auto
Electric vehiclesChina
💀 Dead / Bankrupt
Peak $6 BillionToday
~-100%
from peak
- 🦄Became a unicorn2021
- 📈Peak valuation$6 Billion ’23
- 💔Became a Unitard2025
- 💸Last valuationWiped out
🔥 Raised & burned
$3.6B
Total raised
$893K/day
Burned · 11.0y alive
Funding: Caixin / Caproasia
Current status
Parent Zhejiang Hozon entered bankruptcy proceedings (June 2025) with ~9.8B yuan in debt
How it happened
Neta, the budget EV marque of Zhejiang Hozon New Energy, was briefly one of China's top-selling EV startups, delivering more than 150,000 vehicles in 2022 at a pre-money valuation of 42.3 billion yuan (~$6B). A brutal price war gutted sales, a planned Series E unraveled and its valuation cratered to about 6 billion yuan (~$830M). Backed earlier by investors including 360 and CATL, Hozon ran up roughly 9.8 billion yuan in debt and entered bankruptcy proceedings on June 19, 2025 — another casualty of China's EV shakeout.
Source: Caixin / TechNode / Yicai (Hozon pre-money 42.3B yuan Jan 2023, ~$6B; Series E collapsed; valuation cratered to 6B yuan; bankruptcy 19 Jun 2025, 9.8B yuan debt)
