Neta Auto
Electric vehiclesChina
New to Unitard
💀 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
The rise & fall
6 moments · 2014–2025The key moments.
2014
2014
Founded as Zhejiang Hozon New Energy
Part of China's first wave of EV startups; Neta becomes its budget marque.
Caixin
2021
2021
Joins the unicorn club
Fresh funding values the budget-EV maker above $1B; backers include 360 and CATL.
Caixin
2022
2022
150,000 cars in a year
Deliveries top 150,000 in 2022, briefly making Neta one of China's top-selling EV startups.
TechNode
Jan 2023
Jan 2023
The peak: ~$6B pre-money$6B
A planned Series E pegs parent Hozon at 42.3B yuan (~$6B) pre-money.
Caixin
2023–24
2023–24
The price war guts the budget marque
A brutal EV price war crushes sales; the Series E unravels and the valuation craters to about 6B yuan (~$830M).
Caixin
Jun 19 ’25
Jun 19 ’25
Bankruptcy — joins the Unitard Club 💔
Parent Zhejiang Hozon enters bankruptcy proceedings with roughly 9.8B yuan in debt — another casualty of China's EV shakeout.
Caixin
$6Bof peak value erased · 11 years
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)
Founders & leadership
- Zhang YongCEO 2018-Dec 2024 (hired four years after founding; led through the peak)No public profile matched
- Fang Yunzhoufounder & chairman (founded Hozon in Oct 2014)No public profile matched
