BANGKOK — NETA Thailand is conducting a desperate fire sale of its NETA V-II electric vehicles, slashing prices to 299,000 baht ($9,135) per unit as mounting concerns grow over the brand’s survival prospects. Dealers are abandoning the franchise while employees resign en masse.
The Chinese EV manufacturer announced the dramatic price reduction on June 4 through dealer pages, offering the NETA V-II at 299,000 baht ($9,135) or 319,000 baht ($9,745) including VAT, though all warranties have been stripped from the vehicles. The company previously ran wholesale promotions including “Buy 4 – Get 1 Free” deals, effectively offering 20% discounts.
Dealer Network Crumbling
According to Prachachat Business, industry sources reveal NETA’s critical situation in Thailand, with most dealers frantically clearing existing inventory due to uncertainty about the brand’s future. Many prefer holding cash over vehicle stock, leading to widespread dealer defections.
The dealer network has contracted sharply from 66 locations in March to just 53 by May’s end, with further reductions expected. One major dealer closed 8 out of 11 showrooms and service centers, retaining only three operations due to lost confidence in NETA’s business direction.
Urgent Asset Liquidation
NETA Thailand is accelerating delivery of over 600 vehicles to remaining dealers in a bid to clear inventory and convert assets to cash. Company staffing has also declined from approximately 50 employees to 40, with continued reductions anticipated.
Industry sources report that Chinese management has approached several Thai conglomerates seeking buyers for NETA Thailand, with valuations ranging from 1.2-2 billion baht. However, potential investors have rejected the deals, assessing the operation as unsustainable.
Parent Company Financial Crisis
The crisis stems from severe financial problems at parent company Hozon New Energy Automobile Co., Ltd., which reported losses exceeding 100 billion yuan (approximately 400 billion baht). This prompted NETA to cease operations in Malaysia and Singapore, leaving Thailand as its sole focus market outside China.
Despite founder Fang Yunzhou’s previous commitment to Thailand as a key market and export production base for right-hand drive vehicles, liquidity problems have severely impacted local operations.
Market Performance Decline
NETA’s struggles contrast sharply with Thailand’s overall EV growth, where 100% electric vehicle registrations increased 22.35% to 31,009 units in the first four months of 2025. However, NETA sales plummeted 37.3% to just 1,067 units during the same period.
The brand has sold approximately 20,000 vehicles total since entering Thailand, but the dramatic price cuts and dealer exodus signal potential market exit for what was once positioned as a key player in Thailand’s electric vehicle transformation.
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