Neta Auto Factory Equipment Sits Unsold as Second Auction Fails

Machinery Fails to Find Buyer at Neta's Nanning Plant

Equipment belonging to Neta's Nanning production facility has gone unsold for the second time on an Alibaba judicial auction platform. The latest auction closed on Aug. 13 with no bids, despite the starting price being lowered from its initial level.

The machinery lot is located at No. 88 Changlong Road, Lingli Town, Qingxiu District, Nanning, Guangxi. The second-round starting price was set at approximately 48.2463 million RMB (approx. $6.7 million), down from the 60.3079 million RMB (approx. $8.375 million) opening price offered during the first auction that began on Aug. 2.

No bidders emerged in either round, leaving the industrial equipment—likely comprising assembly-line machinery and production tooling associated with the former New-energy startup's Guangxi operations—still on the market.

Original Investment Plan Outpaced by Reality

Neta, formally known as Hozon New Energy Automotive, had originally partnered with the Nanning municipal government in a strategic agreement signed in November 2019. At the time, Hozon committed to investing roughly 3.5 billion RMB (approx. $486 million) to build a pure electric passenger vehicle manufacturing base capable of producing 100,000 units annually upon reaching full capacity.

The project was expected to generate annual output valued at around 12 billion RMB (approx. $1.67 billion) and strengthen Nanning's automotive supply chain. That vision has not materialized, as Neta has since faced severe financial distress and entered restructuring proceedings.

Enforcement Case Details

According to court documents on the auction platform, the sale is tied to enforcement case (2026) Gui 0103 Zhi 178. The applicant is Nanning Zhihong Technology Co., Ltd., while the respondents include Nanning Ningda New Energy Vehicle Co., Ltd., Guangxi Ningda Automobile Technology Co., Ltd., Hozon New Energy Automotive Co., Ltd., and Nanning Yonghe Investment Co., Ltd. The execution target stands at approximately 45.6866 million RMB (approx. $6.345 million).

Neta's troubles have drawn significant public attention. Earlier reports noted that the company reportedly spent 18.3 billion RMB (approx. $2.54 billion) over three years of operations, with local state-backed investors struggling to recover their capital. Founders and former executives have been listed as dishonest judgment debtors, and the parent company has undergone restructuring with a management trustee appointed to rebuild its sales network.

The repeated failure to sell the Nanning equipment underscores the deepening challenges facing one of China's once-promising EV startups.