Neta Electric Vehicle Maker Enters Bankruptcy

Zhejiang Hozon New Energy Automobile, the company behind the Chinese electric vehicle brand Neta, has officially commenced bankruptcy proceedings, as reported by China's state broadcaster CCTV on Friday.

The report also highlighted the closure of multiple Neta stores in Shanghai, signaling significant operational hurdles for the brand.

This development follows a bankruptcy petition filed last month by a creditor, which initiated the current proceedings, as revealed by China's national corporate bankruptcy disclosure platform.

(With inputs from agencies.)