Chinese maker of Neta EVs to cut 400 jobs in Thailand
Hozon Auto laying off Thai workers as part of restructuring plan after local sales drop by over 45% this year
Chinese electric vehicle (EV) manufacturer Hozon Auto is looking to terminate 400 jobs in Thailand as part of its business restructuring plan, a news source said on Wednesday.
Shanghai-based Hozon Auto is reportedly suffering a liquidity problem stemming from declining sales, forcing it to suspend production at its Zhejiang factory and cut jobs.
The company produces EVs under the Neta brand. Its Thai subsidiary, Neta Auto (Thailand), uses the Bangchan General Assembly factory to produce Neta EVs in Thailand.
The source said the 400 job cuts include employees of both Neta Auto (Thailand) and Bangchan General Assembly who work at the factory in Bangkok’s Min Buri district.
Neta Auto (Thailand) reported a 45.8% year-on-year drop in sales for the first 11 months, delivering 6,534 units of its Neta V, Neta VII, and Neta X models.
According to business intelligence platform Creden Data, Neta Auto (Thailand) suffered a net loss of 1.8 billion baht in 2023, versus a profit of 80.77 million baht the previous year. In the five years since its establishment (2019-2023), the company has earned total revenue of 7.78 billion baht and accumulated losses of 1.72 billion baht.
